• Q1 earnings drop 22.6%
  • Sales climb 35.4%

Chinese apparel supplier and retailer Ever-Glory International Group has booked a drop in first-quarter earnings due to one-off charges.

Earnings dropped to US$2.4m in the three months to the end of March, a decline of 22.6% on last year's earnings of $3.1m. The figure included a non-cash item of $0.3m. Selling expenses also increased in the period, by 36%, and general and administrative expenses by 41.4%.

Total sales, however, climbed 35.4% to $106m, thanks to 42.7% increased sales in the firm's retail business as well as 24.6% increased sales in its wholesale business.

For the full year, Every-Glory is expecting total net sales in the range of $420m to $470m and net income in the range of $11m to $17m.