Financial Performance - For the three months ended March 31, 2024, the company reported unaudited consolidated profit attributable to owners of $100.0 million[2] - Revenue for the same period was $2,003.6 million, a decrease of 4.9% compared to $2,107.4 million in the previous year[7] - Gross profit increased to $503.1 million, compared to $497.6 million in the prior year, reflecting improved production efficiency[3] - Total comprehensive income for the period was $80.6 million, compared to $74.4 million in the previous year[4] - The profit attributable to the company's owners was $100.0 million, a 96.9% increase from $50.8 million in the same period last year[13] - The company's recurring profit attributable to owners increased by 107.1% to $99.6 million, compared to $48.1 million in the previous year[13] Operating Income and Expenses - The company's operating income from footwear activities decreased by 0.9% to $1,149.5 million, with a 9.1% increase in shipment volume to 58.8 million pairs[7] - Total sales and distribution expenses decreased by 10.6% to $216.1 million, accounting for approximately 10.8% of operating revenue[11] - Administrative expenses decreased by 2.7% to $138.9 million, representing about 6.9% of operating revenue[11] - Other income rose by 2.8% to $37.1 million, equivalent to approximately 1.9% of operating revenue[12] Tax and Financing - The company’s effective tax rate for the period was approximately 23.7%, compared to 17.4% in the previous year[3] - The company’s financing costs decreased to $17.1 million from $22.7 million in the previous year, contributing to improved profitability[3] Market and Retail Performance - The retail subsidiary, Pou Chen, reported a revenue decline of 12.0% to $749.7 million, impacted by weak foot traffic in mainland China[8] - The average selling price per pair of footwear decreased by 9.2% to $19.55 due to changes in product mix[7] Strategic Initiatives - The company continues to pursue a digital transformation strategy to enhance its retail performance amid a challenging environment[6] - The group maintains an optimistic long-term outlook for its manufacturing business, with improved order visibility and demand normalization expected[14] - The company will continue to focus on long-term capacity planning strategies, targeting sustainable growth in Indonesia and India[15] - The group aims to enhance operational resilience and agility while managing costs to solidify profitability and maintain healthy cash flow[14] - The company plans to leverage automation technology and R&D capabilities to seek higher value-added orders and strengthen its product portfolio[15]
裕元集团(00551) - 2024 Q1 - 季度业绩