• Q1 profit soared 125.8% to RMB47.8m
  • Revenue increased 44.1% to RMB211.5m
  • Gross profit climbed 44.0% to RMB88.0m 

Casual men’s wear retailer Zuoan Fashion Limited has beaten its first quarter forecasts as it continues to roll out new stores and expand its distribution network and managed to keep a tight hold on unit costs.

“We continue to gain traction in the China market with our unique design concepts and our ability to expand our sales network,” explains James Hong, founder, chairman and CEO.

“Despite a traditionally slower quarter for the apparel industry due to the Chinese New Year, we expanded our store base by 22 locations, completing the quarter with 1,123 locations, and added three additional distributors to our base in the first quarter bringing our total number of distributors to thirteen.”

The Shanghai, China based company also completed a major milestone during the first quarter with its successful IPO on the New York Stock Exchange.