Ever-Glory International unveils Q3 results

Ever-Glory International Group Inc., branded fashion apparel retailer and a leading global apparel supply chain solution provider, has revealed its financial results for the third quarter ended September 30, 2016. Company’s total sales dived 7.3 per cent to US $ 109.9 million as against US $ 118.6 million in the corresponding period last year.

In the reporting period, sales for the company’s branded fashion apparel retail division plunged 13.2 per cent to US $ 41.1 million compared to US $ 47.3 million in the comparable period last year, due to a decrease in same-store sales. Whereas, sales for the wholesale division declined by 3.4 per cent to US $ 68.9 million compared to last year’s US $ 71.3 million, primarily due to a decrease in sales in Japan, the United Kingdom and Mainland China and partially offset by an increase in sales in Hong Kong, Germany, Europe-Other and the United States.

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Ever-Glory generated gross profit of US $ 29.6 million, down by 8.4 per cent from US $ 32.3 million previous year. For retail division, gross profit, totalled US $ 19.6 million as against US $ 22.4 million in the same period last year; whereas, wholesale business increased by 1.6 per cent to US $ 10.1 million compared to previous year’s US $ 9.9 million. Net income attributable to the company in the period under review amounted to US $ 0.4 million compared to US $ 2.7 million for the third quarter last year.

It may be noted here that the company added a net total of 70 stores during the third quarter, counting to nationwide network of total 1,345 retail stores as of September 30, 2016. It expects to have over 1,400 stores at the end of this year.

Yihua Kang, Chairman, President and CEO, Ever-Glory said, “While our overall business continued to be impacted by the lacklustre macroeconomic environment in the third quarter, the tough operating environment did not slow us from continuing to execute our strategic initiatives with a keen focus on building a long-term sustainable business.”