RYU Apparel Inc., a tailored technical urban athletic apparel brand engaged in the development, marketing and distribution of apparels, has announced financial results for the first three months ended March 31, 2017.
During the period under review, revenue stood at US $ 467,003, 80 per cent higher than revenue of US $ 259,727 during the same period in 2016. Now into its second year of operations, the RYU team is encouraged with its sales record to date and a 47 per cent gross profit for the quarter. This is RYU’s seventh consecutive quarter of increasing gross profit.
First quarter gross profit totalled US $ 219,256 compared to US $ 134,994 in the same period last year, marking an increase of 62 per cent. Gross profit percentage of 47 per cent in the first quarter of 2017 was lower than gross profit of 52 per cent in 2016 because of the difference in the weighted average cost of finished goods inventory and the amount of sales discounts applied in each period.
Also Read – RYU Apparel’s 2016 revenue soars
It presently has 16 per cent of revenue from e-commerce with a target of reaching 30 per cent by the end of this year.
RYU Apparel targets to have five retail stores open by the end of 2017. The company currently has three stores in operation and two under construction.
