Yue Yuen's profit falls 51.9 percent as shoe shipments shrink

Higher prices did not offset the drop in shipments: WWD reports that Yue Yuen shipped 178.5 million pairs, down 5.8 percent, while the average price per pair rose 1.7 percent to $21.23. Manufacturing revenue fell 3.8 percent.

The profit decline was much steeper than the revenue decline. According to WWD, nine-month profit totalled $134.0 million, down 51.9 percent; total revenue fell 2.1 percent to $5.89 billion.

WWD reports that athletic and outdoor shoes brought in $3.16 billion, down 4.3 percent. Revenue for casual shoes and sports sandals fell 3.4 percent to $625.8 million. Soles, components and other manufacturing revenue is up 1.8 percent at $280.6 million.

Pou Sheng's nine-month revenue was $1.82 billion, up 1.8 percent, according to WWD.