Footwear manufacturing group Yue Yuen reported a 3.4% year-on-year decline in consolidated revenue to $4.02 billion for the first half of 2024.

Footwear manufacturing revenue increased by 1.3% to $2.41 billion, despite a 9.9% rise in shoe shipments to 120.7 million pairs, as the average selling price fell 7.8% to $19.98 per pair.

Revenue from the U.S. market dipped slightly to $701.2 million, while Europe saw a 2% decline to $682.2 million. However, the company’s China retail subsidiary, Pou Sheng, experienced a 12.7% y/y revenue drop to $1.38 billion, driven by weak store traffic in mainland China.

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