CHINA: Sales surge boosts Ever-Glory Q3 profit
Net income rose to $1.83m from $1.79m
Sales increased 28.1% to $31.9m from $24.9m
Gross profit increased 37.1% to $6.4m
Stronger sales in its retail and wholesale businesses in China have helped apparel maker and retailer Ever-Glory International Group Inc to a 1.8% rise in third quarter profit.
"We are especially encouraged by our retail business's strong performance," Edward Yihua Kang, chairman of the board and chief executive officer. "Sales generated from our retail business increased considerably in the third quarter of 2010, which demonstrates the strong momentum we have with our retail strategy.
The Nanjing, China based firm said wholesale revenues rose 14.8% to $25.6m in the three months to 30 September, helped by higher orders from Chinese, European (excluding UK) and Japanese customers.
Retail sales from La Go Go, the company's branded retail division, increased 141.3% to $6.3m, through a combination of new stores and higher same store sales. It operates 250 La Go Go stores and expects to open another 30-40 stores this year.
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China's Ever-Glory International Group recorded a noteworthy surge in first quarter income, driven by retail and wholesale revenue surges in the company's home market....
Chinese apparel company Ever-Glory has doubled full-year profits, with sales bolstered by increased sales in its retail business as well as its wholesale business in China. ...
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