Stella to strengthen cost controls after covid-19-affected Q1
Hong Kong-based footwear group Stella International has reported sales revenues of $263.2 million for the first quarter of 2020, a decline year on year of 15.8% year on year.
Over the three-month period, Stella shipped 11 million pairs of shoes, a fall of 13.4% compared to the first quarter of 2019. The average selling price of its products fell by 3.7% to $23.30 per pair.
The company said it would continue to monitor how the covid-19 outbreak is affecting its customers and insisted it was formulating plans to address these challenges.
Chief executive, Chi Lo-Jen, said: “The global pandemic situation is rapidly evolving and is impacting the group and our customers in different ways. In response, we are undertaking initiatives to shore up our operations, including measures to protect our financial integrity and strengthen cost controls, to weather the crisis.”
