• Q3 profit up 69.6% to $3.9m
  • Sales increased 54% to $106.7m
  • Gross margin grew to 23.8% versus 22.1%

Higher sales and improved margins have helped Chinese apparel supplier and retailer Ever-Glory International Group to record a 69.6% increase in third-quarter net profit.

The company today (13 November) said net income reached US$3.9m during the three months to 30 September, compared to $2.3m in the same period of last year.

Sales increased 54% to $106.7m from $69.3m in the prior year, helped by higher sales within the company's retail and wholesale businesses. Retail sales from the company's branded retail division La Go Go jumped 74.4% to $42.5m, while wholesale sales increased 42.9% to $64.2m.

The company expects fourth quarter sales to be $80-100m and net income to range from $2.5-3.5m.