China’s Every-Glory International has booked a solid third-quarter as both income and sales delivered year-on-year growth, boosted by the group’s retail division, new fashion collections and continued store network optimisation.
In the three months to the end of September, earnings reached US$3.2m from $0.6m a year ago. Gross margin widened to 27.6% from 26.9%, while total sales grew 9.4% to $120.3m.
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Revenues were boosted by a 0.2% sales increase in the company’s wholesale business and a 24.9% increase in its fashion apparel retail business.
“While our wholesale business in the third quarter remained flat compared with the year-ago period, we’re pleased to achieve the stabilised results even as overall market conditions in many of our key global markets remained challenging in the quarter,” said CEO Yihua Kang. “Looking ahead, we expect sales in European areas to remain stable while sales in Japan to remain weak.
“However, we continued our efforts in cost management and managed to improve our gross margin for wholesale business on a year-over-year basis.”
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