• Q2 net profit up 103% to US$5.5m
  • Net sales up 45% to $85.7m
  • Retail sales surge leads revenue growth

Apparel supply chain manager and retailer Ever-Glory International Group saw its second-quarter profits more than double on the back of a 45% revenue hike.

The Chinese business said retail sales had risen by 53.6% in the three months to 30 June, while wholesale revenues increased by 34.5%.

It added that retail growth had been mainly driven by the opening of new stores and same store sales gains, while wholesale revenues had risen thanks to increased demand in China, Germany, the UK and the US.

Gross profit margin also increased, the company added, moving up to 34.3% from 32.9% a year ago.

For the third quarter, Ever-Glory expects revenues to hit $110-130m, with net income of $3-4m, while for the full year it projects revenues of $420-470m and a net profit of $11-17m.