Ever-Glory International Group, a China-based retailer of branded fashion apparel, has reported an 18.1 per cent sales growth to $94.4 million (US dollars) in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. However, the company incurred a loss from operations of $0.7 million (Q3 FY20: profit $2.9 million).
Ever-Glory International Group, a China-based retailer of branded fashion apparel, has reported an 18.1 per cent sales growth to $94.4 million (US dollars) in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. However, the company incurred a loss from operations of $0.7 million (Q3 FY20: $2.9 million).#
“During the third 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, has reported an 18.1 per cent sales growth to $94.4 million (US dollars) in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. However, the company incurred a loss from operations of $0.7 million (Q3 FY20: $2.9 million).#
Sales in the quarter saw remarkable performance in wholesale division, which surged by 38.0 per cent to $62.2 million ($45.1 million), primarily attributable to growth in sales in China, Europe-other, Japan and US partially offset by a decrease in sales in Hong Kong and UK. However, branded fashion apparel retail division recorded a 7.6 per cent drop in sales to $32.2 million ($34.8 million) impacted by drop in e-commerce sales.
Ever-Glory International Group, a China-based retailer of branded fashion apparel, has reported an 18.1 per cent sales growth to $94.4 million (US dollars) in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. However, the company incurred a loss from operations of $0.7 million (Q3 FY20: $2.9 million).#
“Our retail brands continue to attract new customers and retain existing customers by focusing on design, quality and value,” Kang continued. “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.”
Ever-Glory International Group, a China-based retailer of branded fashion apparel, has reported an 18.1 per cent sales growth to $94.4 million (US dollars) in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. However, the company incurred a loss from operations of $0.7 million (Q3 FY20: $2.9 million).#
Gross profit in Q3 slipped to $23.2 million ($23.7 million), while selling expenses totalled to $14.4 million ($13.0 million). Net loss attributable to the company was $3.2 million compared to profit of $2.2 million.
Ever-Glory International Group, a China-based retailer of branded fashion apparel, has reported an 18.1 per cent sales growth to $94.4 million (US dollars) in the third quarter (Q3) of FY21 ended on September 30, 2021, against the same period of previous fiscal. However, the company incurred a loss from operations of $0.7 million (Q3 FY20: $2.9 million).#
“The third quarter results are coupled with our ability to increase operating leverage. 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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