Home / Knowledge / News / Apparel/Garments / Sales rise 10% at apparel retailer Ever-Glory in Q2
Sales rise 10% at apparel retailer Ever-Glory in Q2
13
Aug '12
Ever-Glory International Group Inc. a leading apparel supply chain manager and retailer based in China reported its financial results for the second quarter ended June 30, 2012.

Total sales for the quarter were $47.2 million, an increase of 10.0% compared to $42.9 million in the second quarter of last year.

Retail sales for the quarter from LA GO GO, the Company's branded retail division, increased 98.6% to $18.4 million, compared to $9.3 million last year. This increase was primarily due to the increase in new stores opened and same store sales. Ever-Glory had 562 LA GO GO stores as of June 30, 2012, compared to 368 LA GO GO stores as of June 30, 2011. Currently, there are LA GO GO stores in more than 20 provinces in China.

Wholesale sales generated from the Company's wholesale business for the quarter decreased 14.4% to $28.8 million, compared to $33.7 million last year. This decrease was primarily attributable to decreased sales in Germany, the United States, the United Kingdom and Japan.

The reduced sales in the wholesale segment was primarily due to the global economic uncertainty and instability, the advanced economies represented by Europe and the US are recovering slowly, which seriously impacted China's apparel exports, as a result, our overseas wholesale business also faced declining orders.

Total gross profit for the quarter was $13.6 million, or 28.8% of total sales, compared to $10.4 million, or 24.1% of total sales last year.

Selling expenses for the quarter increased 84.9% to $7.0 million compared to $3.8 million last year. As a percentage of sales, selling expenses increased 600 basis points to 14.8% compared to 8.8% last year. The increase was attributable to the increased number of retail employees and increased average salaries, as well as the increased store decoration and marketing expenses associated with the promotion of the LA GO GO brand.

General and administrative expenses for the quarter increased 2.0% to $4.2 million compared to $4.1 million last year. As a percentage of sales, general and administrative expenses decreased 70 basis points to 8.9% compared to 9.6% last year. The decrease was attributable to the increase in our sales.

Income from operations for the quarter decreased 2.0% to $2.4 million compared to $2.5 million last year.

For the second quarter, net income was $2.4 million, or $0.16 per diluted share, an increase of 4.1% from $2.3 million, or $0.15 per diluted share in the second quarter of 2011. Net income in the second quarter of 2012 includes 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 $0.1 million, or $0.01 per diluted share, of non-cash income related to the change in fair value of a derivative liability in the second quarter of 2011. Excluding this non-cash item for the second quarter 2012 and 2011, non-GAAP diluted earnings per share were $0.15 in the second quarter of 2012 compared to $0.14 in the second quarter of 2011. 


Must ReadView All

Courtesy: Kai Pilger from Pexels

Textiles | On 24th Apr 2018

Pakistan’s textile exports up 7.77% in July-March FY18

The value of textile and garment exports from Pakistan increased by...

Alliance to form joint entity for safety in factories

Apparel/Garments | On 24th Apr 2018

Alliance to form joint entity for safety in factories

On the 5th anniversary of the Rana Plaza Collapse, The Alliance for...

China’s Alibaba partners with Thailand for digital trade

Textiles | On 24th Apr 2018

China’s Alibaba partners with Thailand for digital trade

China’s Alibaba Group recently signed an agreement with the Thai...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search