Top Form International (HKG:0333) recorded sales of HK$238.4 million in the quarter ended March 31, down 22% from a year prior, according to a Thursday Hong Kong bourse filing.

Of the total, 68% of sales were to the US market, 10% to Europe, and 22% to the rest of the world.

For the nine months ended March 31, the intimate apparel manufacturer's sales slipped 22% to HK$739.1 million.

The decline in sales over both periods was driven by lower sales to customers in the United States.

Output from the firm's overseas manufacturing facilities in Asia, excluding China, made up 86% of global production, with China output accounting for the remaining 14%.