Profits attributable to shareholders grew by 4% to $88,576,000 in the first quarter from $85,379,000 last year on sales that declined 4% to $2,394,369,000 from $2,493,272,000 due to weakness from the Pou Sheng Chinese retail business, which operates stores for Nike, Adidas, Skechers, Puma and other brands in the PRC. The footwear and components manufacturing operations performed well, however, growing 12% to $1,531.9 million. YY held the line on spending, with selling and distribution expenses down 9% and administrative expenses down 5%, leveraging 80 b.p. as a percent of sales.

Within the manufacturing segment, sales of athletic and outdoor footwear styles ... Log in to view full article.