Home / Knowledge / News / Apparel/Garments / VLOV brand delivers double-digit revenue growth
VLOV brand delivers double-digit revenue growth
21
Apr '10
VLOV, Inc announced record financial results for the fourth quarter and full year ended December 31, 2009.

Fourth Quarter 2009
For the fourth quarter of 2009, net sales increased 56.7% to $18.5 million, compared to $11.8 million in the fourth quarter of 2008. Fourth quarter gross profit improved to $6.8 million versus $4.1 million in the comparable period of 2008, while gross margin increased to 36.5% compared to 35.1% in the fourth quarter of 2008.

Operating expenses were $5.2 million, or 28.2% of sales compared to $1.2 million, or 10.1% of sales in the 2008 period. The year-over-year increase is primarily attributable to costs associated with the Company's financing transactions in the fourth quarter of 2009. Income from operations in the fourth quarter of 2009 was $1.5 million compared to $2.9 million in the prior year period.

Net loss attributable to common shareholders was $2.4 million compared to net income of $2.2 million in the fourth quarter of 2008, while diluted net loss per share came in at $0.14 versus diluted earnings per share of $0.15 in the prior year period. Fourth quarter net income was $1.6 million, and adjusted diluted earnings per share (non-GAAP) came in at $0.10 on an additional 1.8 million shares.(1). The increase in share count from 14.6 million in the 2008 period to 16.4 million in the 2009 period reflects the issuance of preferred and common shares and common stock purchase warrants in the fourth quarter of 2009.

"We are pleased to report a strong fourth quarter and a very successful 2009," said Mr. Qingqing Wu, Chairman and CEO of VLOV. "The year was highlighted by record financial results, as well as a number of accomplishments from both a strategic and operating perspective. We delivered double-digit revenue growth, solid gross profit and operating margins, and adjusted diluted earnings per share of $0.65. We enhanced VLOV's lifestyle brand positioning by delivering a more distinct fashion-forward point of view in our collections, while also providing the customer with a more compelling shopping environment. In fact, we are particularly proud to note that the Company received China Fashion Week's prestigious Menswear Design Award for 2009. We also streamlined VLOV's distributor relationships, dedicating our resources only to best-in-class partners who can assist us in taking the VLOV brand to the next level."

Full Year 2009
Full year 2009 net sales increased 24% to $64.3 million, reflecting continued strong demand for the Company's fashion-forward apparel. Gross profit for the year increased 25% to $23.3 million versus $18.6 million in 2008, while gross margin improved to 36.2% compared to 35.8% in 2008, primarily due to the Company's enhanced outsourcing strategy.

Operating expenses were $9.7 million, or 15.1% of sales, compared to $6.2 million, or 12.0% of sales in 2008. The year-over-year increase is primarily attributable to higher promotional and advertising expenses and reflects the Company's focus on further increasing awareness of the VLOV brand. Income from operations in 2009 was $13.6 million, an increase of 10% over $12.3 million in 2008.

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Govt should improve ease of doing business: ASSOCHAM

The government needs to continuously invest in improving the ease of...

Fashion | On 20th Feb 2017

South Korea’s fashion industry to grow 3.3% in 2017

The South Korean fashion industry is expected to grow by 3.3 per cent ...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search