Man Wah’s sales up 6.9% worldwide, 11.2% in U.S.
Chinese motion upholstery powerhouse Man Wah Holdings said revenues rose 6.9% in the six months ended Sept. 30 as its business in the U.S. and mainland China remained strong.
The company, which is publicly traded on the Hong Kong, China Stock Exchange, also said profits jumped more than 10% despite rising leather costs.
Worldwide sales totaled 3.2 billion Hong Kong, China dollars, or about $412.7 million, in the first half of its fiscal year. That was up from 2.88 billion Hong Kong, China dollars, or about $372 million, in the first half of the previous fiscal year.
Man Wah said sales in the U.S. totaled 1.66 billion Hong Kong, China dollars, or about $213.7 million, in the most recent six-month period. That was up 11.2% from 1.49 billion Hong Kong, China dollars, or about $192.2 million, in the comparable period.
The North American market, which also includes Canada, accounted for 55.2% of total sales during the first half of the fiscal year. The next largest market, China, accounted for 30.4%, while Europe accounted for the remaining 14.4%.
The majority of Man Wah’s revenues in China come from its Cheers branded retail stores. As of Sept. 30, 130 Cheers stores were company-owned and another 840 were operated by distributors, the company reported.
Man Wah also has 37 company-owned Enlanda bedding stores in China, and another 281 operated by distributors.