Home / Knowledge / News / Apparel/Garments / Retail sales from LA GO GO up, Ever-Glory

Retail sales from LA GO GO up, Ever-Glory

15
Nov '10
Ever-Glory International Group Inc, a leading apparel supply chain manager and retailer in China, today reported its financial results for the third quarter ended September 30, 2010.

During the third quarter of 2010, net sales increased 28.1% to $31.9 million compared to $24.9 million in the third quarter of 2009. The increase in our sales was primarily attributable to increased sales in our retail business and wholesale business in China.

Sales generated from the Company's wholesale business increased 14.8% to $25.6 million, compared to $22.3 million in the third quarter of 2009. This increase was primarily due to the increased orders from the Chinese, European (excluding UK) and Japanese customers.

Retail sales from LA GO GO, the Company's branded retail division, increased 141.3% to $6.3 million, compared to $2.6 million in the third quarter of 2009. This increase was primarily due to the increase of same store sales and new stores opened. As of September 30, 2010, the Company had 214 LA GO GO retail stores and as of today, the Company has approximately 250 LA GO GO retail stores. We expect to open an additional 30-40 stores before the end of the year.

In the third quarter of 2010, gross profit was $6.4 million, an increase of 37.1% compared to the same period in 2009. Gross margin increased 1.3% to 19.9% in the third quarter of 2010, compared to 18.6% in the third quarter of 2009. The increase was due to the increased retail sales which has a higher gross margin and whose percentage in our overall sales increased.

"In the third quarter of 2010, sales of our wholesale and retail business both increased." commented Mr. Edward Yihua Kang, Chairman of the Board and Chief Executive Officer of Ever-Glory. " We are especially encouraged by our retail business's strong performance. Sales generated from our retail business increased considerably in the third quarter of 2010, which demonstrates the strong momentum we have with our retail strategy. We opened 21 new LA GO GO stores in the third quarter of 2010 and had a total of 214 LA GO GO stores in China as of September 30, 2010. As of today, we have approximately 250 LA GO GO stores. "

Mr. Kang continued, "We plan to continue to develop LA GO GO through perfecting design styles and improving our store management efficiency. We are confident that we can strengthen and enhance same-store sales, and further expand LA GO GO's presence in China, in order to lay a foundation for organic growth."

Selling expenses increased 108.0% to $2.3 million in the third quarter of 2010 from $1.1 million in the third quarter of 2009. The increase was attributable to an increase in salaries for the increased retail staff, as well as the increased store decoration and marketing expenses associated with the promotion of LA GO GO brand. General and administrative expenses increased 60.1% to $2.5 million in the third quarter of 2010 from $1.6 million in the third quarter of 2009. The increase was attributable to the increased payroll for additional management, design and marketing staff as a result of our business expansion.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2021

US FTC votes to reverse course on repeal of fabric care labels

The US Federal Trade Commission (FTC) recently voted to retain the...

Pic: UKFT

Textiles | On 4th Aug 2021

UKFT to design & pilot new platform to drive sustainability in fashion

The UK Fashion & Textile Association (UKFT) has started working with...

Pic: Kontoor Brands/Wrangler

Apparel/Garments | On 4th Aug 2021

US’ Kontoor aims for sustainable growth with diversity & inclusivity

Kontoor Brands, an American apparel company with denim brands like...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Sanjay Vakharia,

Sanjay Vakharia

One of the first few Indian denim brands, Spykar, established in 1992, was ...

Mumin Can Eker,

Mumin Can Eker

Maseksport Inc is a readymade garment exporter. Founded in Izmir in 1989,...

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

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

Leave your Comments


July 2021

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


Advanced Search