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Lower revenue at Stella caused by decline in casual footwear orders

Jul 22, 2016 / Hong Kong

The Hong Kong-based designer, manufacturer and retailer of footwear and leather goods announced unaudited consolidated revenue of roughly 437.2 million US dollars for the quarter

This compares to revenue of 499.2 million achieved in the second quarter of the previous year. For the first semester of 2016 revenue totaled 717.5 million US dollars (which compares to 797.2 million US dollars in similar period last year).
Such resulted in a fall of approximately 12.4% and 10.0%, respectively, as compared to similar periods last year.

Revenue from the manufacturing operations fell by 10.7% and 9.1%, respectively, totaling 422.0 million US dollars and 689.6 million US dollars in the quarter and semester.

The fall in revenue was mostly attributable to fewer orders for our footwear products during the periods under review, particularly in the casual footwear segment. The company also claimed that lower efficiencies and margins caused by the lower utilisation of our non-sports footwear factories have impacted operations.

A slight improvement in the performance of the retail business in China in the three months ended on the 30th of June 2016 was registered. However, on a year-on-year basis, sales of Stella Luna, What For, JKJY by Stella and Pierre Balmain branded footwear products (in China only) fell 15.7% totaling 17.7 million US dollars, compared to the three months ended on the 30th of June 2015.

Same store sales declined 14.1% over the same period.

As of the 30th of June 2016, the group operated a total of 175 Stella Luna stores, 57 What For stores and 1 JKJY by Stella store. It no longer operates Pierre Balmain stores in China.

Mr. Lawrence Chen, Chief Executive Officer of the Group, commented on the Group’s performance, “The decline in revenue and shipment volumes in the first half of the year has been disappointing. Our focus now is to further improve our manufacturing processes and the quality of our products as we further emphasize our production outside of China, ensuring a smooth transition.”

Commenting on the outlook for the Group’s businesses, Mr. Jack Chiang, Chairman of the Group, said, “Innovation and quality will continue to be key differentiators for footwear brands looking to maintain sales and market share in the current competitive environment. We will continue to work closely with our customers to deliver more value, while also positioning ourselves to provide long-term growth and returns to our shareholders.”

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