Sales at the manufacturing segment of Hong Kong-based Chinese company Yue Yuen Industrial fell 2 percent to $420.4 million in December, making it the first of 12 consecutive months with a decline as customers cut back on orders.
Yue Yuen’s retail segment Pou Sheng grew 16 percent in local currency to 1.58 billion renminbi ($217.5m). For the full year, Pou Sheng’s revenue increased by 8 percent to RMB 20.06 billion compared to 2022, as the lifting of the zero Covid policy in the People’s Republic of China helped to improve customer footfall throughout the year.
Overall, Yue Yuen’s revenue increased by 2 percent to $640.13 million in December but decreased by 12 percent to $7.89 billion for the full year.
