Ever-Glory International Group, a Chinese retailer of branded fashion apparel, posted its third quarter (Q3) financial results for fiscal 2020 ended on September 30. Sales during the quarter slipped 29.5 per cent to $79.9 million compared to sales of $113.3 million in same period previous year. Net income for Q3 was $2.2 million (Q3 FY19: loss $1.0 million).
Ever-Glory International Group, a Chinese retailer of branded fashion apparel, posted its third quarter (Q3) financial results for fiscal 2020 ended on September 30. Sales during the quarter slipped 29.5 per cent to $79.9 million compared to sales of $113.3 million in same period previous year. Net income for Q3 was $2.2 million (Q3 FY19: loss $1.0 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 Chinese retailer of branded fashion apparel, posted its third quarter (Q3) financial results for fiscal 2020 ended on September 30. Sales during the quarter slipped 29.5 per cent to $79.9 million compared to sales of $113.3 million in same period previous year. Net income for Q3 was $2.2 million (Q3 FY19: loss $1.0 million).#
“During the third quarter of 2020, our retail brands continue to attract new customers and retain existing customers by focusing on design, quality and value,” Kang said. “Following the remodelling or relocation of 38 stores during 2020, we operated a nationwide network of 923 stores as of September 30, 2020.”
Ever-Glory International Group, a Chinese retailer of branded fashion apparel, posted its third quarter (Q3) financial results for fiscal 2020 ended on September 30. Sales during the quarter slipped 29.5 per cent to $79.9 million compared to sales of $113.3 million in same period previous year. Net income for Q3 was $2.2 million (Q3 FY19: loss $1.0 million).#
Gross profit for the quarter was $23.6 million ($24.3 million). Operating expenses for the quarter were down to $20.8 million ($25.5 million). However, group’s income from operations was $2.8 million (loss: $1.1 million).
Ever-Glory International Group, a Chinese retailer of branded fashion apparel, posted its third quarter (Q3) financial results for fiscal 2020 ended on September 30. Sales during the quarter slipped 29.5 per cent to $79.9 million compared to sales of $113.3 million in same period previous year. Net income for Q3 was $2.2 million (Q3 FY19: loss $1.0 million).#
Sales of fashion apparel retail division during Q3 FY20 increased 10.3 per cent to $34.8 million ($31.6 million) due to increase in the e-commerce sales. Whereas, sales of wholesale division slipped 44.9 per cent to $45.1 million ($81.7 million).
Fibre2Fashion News Desk (JL)
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