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Sales skyrocket at Chinese garment retailer Ever-Glory
28 Mar '12
5 min read
Total gross profit in 2011 increased 70.3% to $44.5 million from $26.2 million in 2010. Gross margin increased to 20.6% in 2011, compared to 19.5% in 2010.
Selling expenses were $18.1 million in 2011, an increase of $8.4 million compared to 2010. As a percentage of sales, selling expense accounted for 8.4% of our total sales in 2011, an increase of 1.1% compared to 7.3% in 2010. The increase was attributable to the enlarged number of retail employees and higher average salaries, as well as the increased store decoration and marketing expenses associated with the promotion of LA GO GO.
General and administrative expenses were $14.3 million in 2011, an increase of $4.6 million compared to 2010. As a percent of sales, general and administrative expenses accounted for 6.6% of our total sales in 2011, a decrease of 0.7% compared to 7.3% in 2010.
The increase in total general and administrative expenses was attributable to an increase in payroll for additional management, and design and marketing staff as a result of the Company's business expansion. The decrease in general and administrative expenses as a percentage of total sales was due to the increase in the Company's sales.
Income from operations increased 82.2% to $12.1 million in 2011 from $6.6 million in 2010.
For 2011, GAAP net income attributable to the Company was $9.6 million or $0.65 per diluted share, an increase of 45.1% from $6.7 million, or $0.45 per diluted share in 2010. GAAP net income attributable to the Company results for 2011 include approximately $0.2 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability compared to approximately $1.0 million, or $0.07 per diluted share, of non-cash income related to the change in fair value of a derivative liability in 2010. Excluding this non-cash items for 2011 and 2010, non-GAAP diluted earnings per share were $0.64 in 2011 compared to $0.38 in 2010.
Based in Nanjing, China, Ever-Glory International Group, Inc. is a leading apparel supply chain manager and retailer in China.
Selling expenses were $18.1 million in 2011, an increase of $8.4 million compared to 2010. As a percentage of sales, selling expense accounted for 8.4% of our total sales in 2011, an increase of 1.1% compared to 7.3% in 2010. The increase was attributable to the enlarged number of retail employees and higher average salaries, as well as the increased store decoration and marketing expenses associated with the promotion of LA GO GO.
General and administrative expenses were $14.3 million in 2011, an increase of $4.6 million compared to 2010. As a percent of sales, general and administrative expenses accounted for 6.6% of our total sales in 2011, a decrease of 0.7% compared to 7.3% in 2010.
The increase in total general and administrative expenses was attributable to an increase in payroll for additional management, and design and marketing staff as a result of the Company's business expansion. The decrease in general and administrative expenses as a percentage of total sales was due to the increase in the Company's sales.
Income from operations increased 82.2% to $12.1 million in 2011 from $6.6 million in 2010.
For 2011, GAAP net income attributable to the Company was $9.6 million or $0.65 per diluted share, an increase of 45.1% from $6.7 million, or $0.45 per diluted share in 2010. GAAP net income attributable to the Company results for 2011 include approximately $0.2 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability compared to approximately $1.0 million, or $0.07 per diluted share, of non-cash income related to the change in fair value of a derivative liability in 2010. Excluding this non-cash items for 2011 and 2010, non-GAAP diluted earnings per share were $0.64 in 2011 compared to $0.38 in 2010.
Based in Nanjing, China, Ever-Glory International Group, Inc. is a leading apparel supply chain manager and retailer in China.
Ever-Glory International Group Inc
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