Ever-Glory International Group, a China-based retailer of branded fashion apparel, has posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against the sales of $50.1 million in same period of previous fiscal. The company’s loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).
Ever-Glory International Group, a China-based retailer of branded fashion apparel, posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against $50.1 million in same period of previous fiscal. The company's loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).#
“During the second quarter, we maintained our focus on developing the retail business through our multi-brand strategy and store network optimisation initiative, while improving our wholesale business by upgrading customer portfolio and enhancing our account receivables,” Yihua Kang, chairman, president and chief executive officer of Ever-Glory, said in a press release.
Ever-Glory International Group, a China-based retailer of branded fashion apparel, posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against $50.1 million in same period of previous fiscal. The company's loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).#
Ever-Glory’s branded fashion apparel retail division surged 21.7 per cent to $34.1 million ($28.0 million), primarily due to the increase in same-store sales. In hindsight, wholesale division grew 19.9 per cent to $26.4 million ($22.0 million) with sales growth in China, Hong Kong, UK, and other European markets partially offset for decreased sales in Japan and US.
Ever-Glory International Group, a China-based retailer of branded fashion apparel, posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against $50.1 million in same period of previous fiscal. The company's loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).#
“During the second quarter of 2021, our retail brands continue to attract new customers and retain existing customers by focusing on design, quality and value,” Kang continued. “Following the remodelling or relocation of 66 stores during 2021, we operated a nationwide network of 931 stores as of June 30, 2021.”
Ever-Glory International Group, a China-based retailer of branded fashion apparel, posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against $50.1 million in same period of previous fiscal. The company's loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).#
“Looking at our wholesale business, we maintained focus on upgrading customer portfolio to reduce credit risk and improve margin in light of weak micro-environment and enhancing our account receivables. Going forward, we’ll implement a stricter client evaluation system and remain diligent in our account receivables collection,” Kang said in the release.
Ever-Glory International Group, a China-based retailer of branded fashion apparel, posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against $50.1 million in same period of previous fiscal. The company's loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).#
Gross profit during Q2 FY21 was up 27.3 per cent to $18.4 million ($14.4 million). Moreover, net loss attributable to the company totalled to $1.8 million.
Ever-Glory International Group, a China-based retailer of branded fashion apparel, posted second quarter (Q2) sales of $60.6 million (US Dollars), up 20.9 per cent against $50.1 million in same period of previous fiscal. The company's loss from operations for the quarter ended on June 30, 2021, reduced to $3.7 million (Q2 FY20: loss $4.2 million).#
“Going forward, we remain confidence in the long-term prospects of our business and we will continue implementing our margin enhancement and cost control measures to further strengthen the profitability of our business,” Jason Jiansong Wang, chief financial officer of Ever-Glory said.
Fibre2Fashion News Desk (JL)
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