Chinese apparel manufacturer and retailer Ever-Glory International Group has slashed its wholesale revenue guidance amid slumping sales.

It follows declines of 20% and 28% respectively in second and third quarter wholesale revenues, compared with the same periods of its last financial year.

Full-year wholesale revenues are now seen in the range of $73 to $78m, down from prior guidance of $90 to $100m.

Ever-Glory's revision was blamed primarily on the worsening economic downturn it said, which forced it to suspend orders with several customers over concerns about their ability to pay.

Meanwhile, the company has upped its full-year retail revenue guidance from US$13m to $18m. Its retail operations include 185 La Go Go stores.

Overall, Ever-Glory expects full-year sales in the range of $86 to $96m, against earlier guidance of $103 to $118m.

Net income is seen in the range of $5.2 to $5.5m, down from previous forecasts of $5.8 to $6.5m.