Ever-Glory reveals mixed Q2
- Q2 earnings fall 36.4% to US$3.5m
- Gross margin improves 540 basis points to 39.7%
- Sales drop 11.6% to $75.7m
Apparel retailer Ever-Glory International Group has revealed a mixed second-quarter as earnings and sales fell but margins improved.
In the three months to the end of June, earnings dropped 36.4% to US$3.5m from $5.5m a year earlier.
Total gross margin increased 540 basis points to 39.7% thanks to an improvement in retail gross margin, which increased 960 basis points to 51.8%.
The company said selling expenses increased 22.1% in the quarter to $17.6m, while general and administrative expenses were up 0.9% to $7.6m.
Sales for the quarter dropped 11.6% to $75.7m, primarily due to a 6.8% decrease in sales in Ever-Glory's retail business, as well as an 18.1% drop in wholesale sales.
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Chinese fashion retailer and supplier Ever-Glory International Group said its first-quarter results reflect the continued challenging retail environment in China as it moved to a net loss and posted l...
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