Home / Knowledge / News / Apparel/Garments / Total net sales increase 103.6% at Ever-Glory
Total net sales increase 103.6% at Ever-Glory
May '11
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, 2011.

During the first quarter of 2011, net sales increased 103.6% to $53.2 million compared to $26.1 million in the first quarter of 2010. The increase was primarily attributable to increased sales in Ever-Glory's retail business as well as its wholesale business in China.

Retail sales from LA GO GO, the Company's branded retail division, increased 86.5% to $12.6 million, compared to $6.8 million in the first quarter of 2010. This increase was primarily due to the increase in same store sales and new stores opened. Ever-Glory had 305 LA GO GO stores as of March 31, 2011, compared to 195 LA GO GO stores at March 31, 2010. LA GO GO stores are located in more than 20 provinces in China.

Sales generated from the Company's wholesale business increased 109.5% to $40.6 million, compared to $19.4 million in the first quarter of 2010. The increase was mainly attributable to the increased sales in China. In response to the global economic uncertainty and political instability, in mid 2010 Ever-Glory shifted its wholesale marketing effort to develop its wholesale business in the Chinese market. Management believes that Ever-Glory's expertise in supply chain management and years of experience in the wholesale business enabled the Company to quickly obtain significant orders in the Chinese wholesale market.

In the first quarter of 2011, gross profit was $9.1 million, an increase of 67.8% compared to the same period in 2010. Gross margin decreased 3.7% to 17.1% in the first quarter of 2011, compared to 20.8% in the first quarter of 2010. The decrease was mainly due to increased raw materials prices and outsourced manufacturing costs.

"In the first quarter of 2011, sales increased significantly in both our wholesale and retail segments." commented Mr. Edward Yihua Kang, Chairman of the Board and Chief Executive Officer of Ever-Glory. "We are especially encouraged by our strong performance. The total number of LA GO GO stores in China increased from 293 at the end of 2010 to 305 stores as of March 31, 2011, we expect to open additional 80-100 new stores in 2011 based on the 293 stores we had at the end of 2010.

"In 2011, we plan to continue to develop LA GO GO through perfecting design styles, improving store management efficiency and opening more stores in desired locations," continued Mr. Kang. "We are confident that, through these measures, we can enhance same-store sales, expand LA GO GO's market penetration and increase its brand influence in China."

Selling expenses increased 112.5% to $3.6 million in the first quarter of 2011 from $1.7 million in the first quarter of 2010. The increase was attributable to the enlarged number of retail employees and increased average salaries, as well as increased store decoration and marketing expenses associated with the promotion of the LA GO GO brand.

Must ReadView All

Textiles | On 25th Oct 2016

Cotton yield to increase to 568.29 kg/ha in 2016-17: CAB

At its first meeting for the cotton season 2016-17, the Cotton...

Apparel/Garments | On 25th Oct 2016

US most sought after market for UK retailers: Global-e

A majority of the retailers in the UK consider US to be their most...

Courtesy: Fila Korea

Textiles | On 25th Oct 2016

Fila Korea to set up R&D centre in China

Leading apparel brand Fila Korea is planning to establish an apparel...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Smita Murarka

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Steve Cole
Xerium Technologies

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Robert Brunner

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

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search