Home / Knowledge / News / Apparel/Garments / Ever-Glory Q1 total sales boost 35.4% to $106mn
Ever-Glory Q1 total sales boost 35.4% to $106mn
23
Jun '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.


Must ReadView All

Textiles | On 3rd May 2016

‘TFA for faster clearances of trade process’

Commerce and Industry Minister Nirmala Sitharaman has said that Trade ...

Textiles | On 3rd May 2016

FCIPT announces technology to make clothes stain proof

There is finally help for housewives, working women and even men...

Textiles | On 3rd May 2016

China’s cotton reserve sales begin May 3

China’s cotton reserve sales which begins tomorrow, are likely to...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

What are the latest technological innovations in the spinning industry?...

Priyanka
Studio Priyanka Rajiv

To which countries does India export majority of its hand-embroidered...

Geetanjali Kapoor
GMS Exports

How do you see the market for readymade garments in India? What will be...

Paolo Ocleppo
Sandvik Hyperion

<b><i>Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion...

Dr Geoff Collins
Lenzing Fibers (Hong Kong) Ltd

The Lenzing Group The Lenzing Group is an international group of...

Mr. Anant Kanoi
TechFab India Industries Ltd

Mr. Anant Kanoi is the Managing Director of TechFab India Industries Ltd....

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search