Sales for the company’s branded fashion apparel retail division decreased by 11.4 per cent to $59.9 million for Q1 of 2019, compared with $67.5 million for Q1 of 2018. The decrease was primarily due to a decrease in same-store sales. The company had 1,315 retail stores as of March 31, 2019, compared with 1,409 retail stores as of March 31, 2018, said Ever-Glory in a press release.
Sales for the company’s wholesale division increased by 11.3 per cent to $28.1 million for Q1 of 2019, compared with $25.3 million for Q1 of 2018. This increase was primarily attributable to increased sales in Mainland China, other European markets and Japan partially offset for decreased sales in Hong Kong, US, UK and Germany.
Gross profit for the retail business decreased by 10.7 per cent to $22.8 million for Q1 of 2019, compared with $25.5 million for Q1 of 2018.
Gross profit for the wholesale business increased by 13 per cent to $6.6 million for Q1 of 2019, compared with $5.8 million for Q1 of 2018.
“During the first 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. Notably, we achieved year-over-year improvement in gross profit of 13 per cent for our wholesale business,” said Yihua Kang, chairman, president and chief executive officer of Ever-Glory. “Following the remodeling or relocation of 7 stores during 2019, we operated a nationwide network of 1,315 stores as of December 31, 2019.”
“The first quarter results, coupled with our ability to increase operating leverage, resulted in expanded wholesale operating income during this quarter. Going forward, we remain confident 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,” said Jason Jiansong Wang, chief financial officer of Ever-Glory.
Ever-Glory is the first Chinese apparel company listed on the American Stock Exchange (now named as NYSE MKT) in July 2008 and then transferred to The NASDAQ Global Market on December 31, 2015. (PC)
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