Footwear group Stella International has reported revenues of more than $1.1 billion for the first nine months of 2024, an increase of 4.9% year on year.

Over the nine-month period, Stella shipped 39.4 million pairs of shoes and other footwear, a rise in volume of 10.1%. But its average selling price per pair was down by 4.7% to reach $28.60.

It said these figures are, as yet, unaudited.

Stella explained that the lower average selling price was because of a higher proportion of sports footwear in the orders the group has received and because of “raw material price deflation”.

Chief executive, Chi Lo-Jen, said progress was good on the ramp-up of a new factory in Solo, Indonesia, along with the build-out of an additional production facility in Bangladesh.

He explained that the group’s plan is to use the new factory in Indonesia to make sports shoes, freeing up more of Stella’s existing manufacturing capacity “to produce higher-margin products for our growing number of high-end fashion and luxury customers”.