Profits attributable to shareholders contracted by 43% to $50,844,000 in the first quarter from $88,576,000 last year on sales that declined 12% to $2,107,446 from $2,394,369,000, on a reduction in manufacturing orders due to customers’ elevated inventory levels. Results were largely in-line with expectations set last month. Footwear and components manufacturing revenue fell by 17% to $1,159.7 million, however, YY cut back on spending, with selling and distribution expenses down 17% and administrative expenses flat, so total SG&A leveraged 70 basis points as a percent of sales.

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