Home / Knowledge / News / Apparel/Garments / Ever-Glory Q1 wholesale sales boost 24.6% to $39.4mn
Ever-Glory Q1 wholesale sales boost 24.6% to $39.4mn
26
May '14
Ever-Glory International Group, Inc., a leading apparel supply chain manager and retailer based in China, reported its financial results for the first quarter ended March 31, 2014.
 
Total sales for the quarter were $106.0 million, an increase of 35.4% compared to $78.3 million in the first quarter of last year. This increase was primarily attributable to a 42.7% increased sales in retail business as well as a 24.6% increased sales in wholesale business.
 
Retail sales for the quarter from LA GO GO, the Company's branded retail division, increased 42.7% to $66.6 million, compared to $46.7 million last year. This increase was primarily due to the increase in new stores opened and same store sales. Ever-Glory had 976 LA GO GO stores as of March 31, 2014, compared to 755 LA GO GO stores as of March 31, 2013.
 
Wholesale sales generated from the Company's wholesale business for the quarter increased 24.6% to $39.4 million, compared to $31.7 million last year. This increase was primarily attributable to increased sales in the PRC, the Germany, France and Japan partially offset for decreased sales in the United Kingdom and United States.
 
Total gross profit for the quarter was $25.8 million, or 24.3% of total sales, compared to $20.3 million, or 25.9% of total sales last year.
 
Selling expenses for the quarter increased 36.0% to $16.1 million compared to $11.9 million last year. As a percentage of sales, selling expenses increased 10 basis points to 15.2% compared to 15.1% last year. The increase was attributable to the increased number of stores, leading to increased numbers 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 41.4% to $6.4 million compared to $4.5 million last year. As a percentage of total sales, general and administrative expenses increased 30 basis points to 6.0% compared to 5.7% last year. The increase was attributable to an increase in payroll for additional management and design and marketing staff as a result of our business expansion.
 
Income from operations for the quarter decreased 16.1% to $3.3 million compared to $4.0 million last year. As a percentage of sales, income from operations accounted for 3.1% of our total sales for the quarter, a decrease of 2.0% compared to 5.1% last year.
 
Click here to view full results.
 

Ever-Glory International

Must ReadView All

Apparel/Garments | On 29th Sep 2016

Q1FY17 sales up 8% at sports goods retailer Nike

For the three months ended August 31, 2016, sales at sports goods...

Apparel/Garments | On 28th Sep 2016

CMAI inks MoU with Chinese textile trade body CCCT

Indian apex clothing association, the Clothing Manufacturers...

Textiles | On 28th Sep 2016

India sees largest gain on WEF’s Competitiveness Index

India has shown the largest gain made by any country on the World...

Interviews View All

Amardeep Singh
Orient Craft

Sanjay Yagnik
Maa Tex Speciality

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Steve Cole
Xerium Technologies

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
September 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search