China’s Youngor group sees fashion sales decline 10%
Domestic menswear group Youngor reported a 70% revenue increase in Q3, reaching 2.69 billion RMB ($373 million), with a net profit rise of 3% to 650 million RMB ($90 million). For the first three quarters, revenue grew 12.7% YoY to 8.4 billion RMB ($1.17 billion), but net profit fell 6.7% to 2.51 billion RMB ($350 million). In the fashion segment, revenue declined 10.13% to 4.585 billion RMB ($637 million), and net profit dropped 43.53% to 368 million RMB ($51 million). The real estate division saw no new projects, resulting in a 72.13% drop in pre-sale revenue to 2.551 billion RMB ($354 million). The group attributed the Q3 revenue boost to the delivery of certain real estate projects, which added 1.251 billion RMB ($174 million) in recognized revenue compared to last year.