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Net profits of Chinese branded garment firms dip in Q1
17 May '13
1 min read
The performance of branded garment industry in China is continuing to decline in the first quarter of 2013.
In the first quarter of this year, 34 branded apparel companies that are listed in China, achieved a total net profit of 1.688 billion yuan, showing a year-on-year decline of 8.51 percent, according to relevant statistics.
This dip in net profit is greater than the decline of 5 percent year-on-year witnessed by these 34 companies in 2012.
Last year, the 34 branded clothing firms had together made a total net profit of 7.667 billion yuan.
Experts attribute the decline in net profits of these enterprises to inventory backlog, decline in sales and hike in costs.
Fibre2fashion News Desk - China
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