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China Xiniya Fashion posts 31% hike in 2011 sales

27
Mar '12
China Xiniya Fashion Limited, a leading provider of men's business casual apparel in China, reported financial results for the fourth quarter of 2011. The Company publishes its financial statements in Renminbi ("RMB").

Full Year 2011 Highlights

• Total revenue in 2011 increased by 31.2% to RMB 1,180.0 million, as compared to RMB 899.3 million in 2010, which was above the prior guidance of 24%-29%. The increase in revenue was primarily attributable to a 14.2% increase in average selling prices and a 14.9% increase in unit volume, which was higher than the prior guidance of a 12%-14% increase in average selling prices and a 10%-13% increase in unit volume.
• Gross margin was 34.3% in 2011, which is within the prior guidance of 34%-35%.
• Earnings per ADS were $0.69 in 2011, exceeding prior guidance of $0.58-$0.63.
• A net total of 203 new retail outlets were opened in 2011, which comprised 235 new retail outlets opened and 32 retail outlets closed.

Recent Developments

• In October 2011, the Company announced that the total order value from its biannual sales fair held in September 2011 in Xiamen City, Fujian Province, China increased by 26% as compared to the previous year.
• In November 2011, the Company opened its fifth flagship store in Quanzhou City, Fujian Province. The new flagship store which is 450 square meters, or 4,840 square feet, complements Xiniya's thirteen other outlets in Quanzhou City.
• Other flagship stores include Xiniya's company-owned store in Jinjiang City, Fujian Province, where its corporate headquarters were located prior to its relocation to Xiamen City in November 2011.
• In July 2011, Xiniya's distributors opened three flagship stores; in Zun Yi City, Guizhou Province, in Harbin City, Heilongjiang Province and in Chengdu City, Sichuan Province.
• In December 2011, the Company appointed Mr. Alvin Ang as an Independent Director and Chairman of the Company's Audit Committee.
Guidance

• For the first quarter of 2012, revenue in RMB is expected to increase by 23%-28%.
• Earnings per ADS in the first quarter of 2012 are expected to be in the range of $0.04 -$0.09.

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China Xiniya Fashion Limited


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