Profits attributable to shareholders were more than halved to $35,179,000 in the first quarter from $75,758,000 last year, on revenues that ticked down 2% to $1,985,359,000 from $2,029,464,000, as Yue Yuen’s brand customers pulled back on orders, due to weakening consumer sentiment. Results were largely in line with expectations set last month. Revenue from footwear and components manufacturing dropped 6% to $1,167.9 million. Selling and distribution expenses were down 2%, while administrative expenses were cut by 3%, resulting in total SG&A remaining flat as a percent of sales.

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