Steel_Steel products_The price of steel_Langesteel

China's rebounding economy a vital refuge for US firms2020/8/14 16:03:54(Beijing Time) Lange Steel

China has become a vital refuge for US companies after overcoming COVID-19, as the country's rebounding consumer economy has helped offset the damage from tumbling sales back home, the Wall Street Journal reported.

Some of America's best-known brands, including Tesla and Nike, have been buoyed by strong results from China, which has long been an important destination for US companies.

Tesla reported revenue of $1.4 billion in China in the second quarter, soaring 102.9 percent year-on-year and accounting for 23.19 percent of the total. The company delivered 31,000 electric vehicles to China-based customers in Q2, accounting for one-third of its global sales.

"China offered a model of recovery, stabilization and then growth," David Weinberg, CEO of Skechers USA Inc, told analysts on an earning call. Overall, the sneaker company's quarterly sales dropped 42 percent from a year earlier but were bolstered in part by 11.5 percent growth in China.

China's retail sales of consumer goods declined 3.9 percent year-on-year in the second quarter, an improvement of 15.1 percentage points from the first quarter. US retail sales, by comparison, declined 8.1 percent year-on-year in the second quarter.

US brands have suffered little commercial fallout among Chinese consumers, enabling them to capitalize on the economic rebound in China, the journal said.

Nike returned to growth in China in its most recent quarter, as China sales rose 1 percent from a year earlier, helping offset a global revenue decline of 38 percent.

Coffee chain giant Starbucks Corp reported a 38 percent decline in global quarterly revenue, while in China, the figure was a 19 percent drop. The company's chief executive Kevin Johnson said he was optimistic Starbucks would substantially recover its sales in China by the end of 2020.

Sportswear maker Under Armour didn't break out China numbers, but it pointed to a more muted recovery.

  • Lange Singapore Business Trip ..

    To build The Belt and Road \"iron and steel industry business cooperation platform, Lange steel network organized a series of international busin.....

  • TUBE, WIRE, METAL AND WELDING ..

    TEKNO is a biannual trade show covering the industries of TUBE, WIRE AND CABLE, WELDING AND CUTTING and METAL and is the best professional trade show .....

  • Lange Belt and Road Initiative..

    Lange Belt and Road Initiative Business Trip to Russia will hold on 6-10th June, 2017. At present, countries in Asia and Europe are at a critical s.....

  • 2020 Guangzhou International M..

    Governed By: Ministry of Commerce of the People'sRepublic of China Department of Foreign Trade Approved By: ..

    2020-04-24
  • 2020 Guangzhou International M..

    Governed By: Ministry of Commerce of the People'sRepublic of China Department of Foreign TradeApproved By:The Department of Foreign Trade &a..

    2019-10-12
  • The Iron & Steel Technology Co..

    AISTech 2020 — Steel's Premier Technology Event will be held at the Huntington Convention Center of Cleveland, Cleveland, Ohio, USA. T..

    2019-06-20