Ever-Glory sales slip
Nasdaq-listed fashion retailer Ever-Glory International says first quarter sales slid 7.7 per cent.
The Nanjing-based business reported total sales in the three months to March 31 of US$97.9 million, compared with $106 million in the first quarter of last year.
It says same-store sales in its network of 1206 retail stores slipped 2.9 per cent, but wholesale sales to other retailers carrying its lines fell 15.6 per cent. The company’s store network grew by 230 outlets year-on-year.
Wholesale sales fell most significantly in Germany, France and other European markets, in Japan and the US. But growth in the UK and mainland China made up for some of the decrease.
Total gross profit for the quarter increased 18.7 per cent to $30.6 million, compared to $25.8 million last year. Total gross margin increased 700 basis points to 31.3 per cent compared to 24.3 per cent last year.
Ever-Glory was the first Chinese apparel Company listed on the NYSE in July 2008 before transferring to Nasdaq on December 31 last year. It offers apparel to women under its own brands La go go, Velwin and Sea To Sky in China and describes itself as a leading global apparel supply chain solution provider with a focus on middle-to-high end casual wear, outerwear, and sportswear brands.