Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).#
“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,” Yihua Kang, chairman, president and chief executive officer of Ever-Glory, said in a press release.
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).#
Geographically, sales in Mainland China was $4.6 million ($10.7 million), Hong Kong China $2.9 million ($1.2 million), Germany 0.9 million ($0.8 million), United Kingdom $0.8 million ($0.8 million), Rest of Europe $3.8 million $3.8 million ($5.2 million), Japan $4.3 million ($4.9 million) and United States $5.3 million ($4.2 million).
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).#
Total wholesale business during the quarter fell 20.7 per cent from $28.1 million in Q1 FY19 to $22.2 million in the reported quarter. This decrease was primarily attributable to decreased sales in Mainland China, Germany, other European markets and Japan partially offset for increased sales in Hong Kong, the United States and the United Kingdom.
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 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,” Kang said.
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).#
Retail business during Q1 FY20 declined 39.7 per cent to $36.0 million ($59.8 million). This decrease was primarily due to a decrease in same-store sales.
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).#
“During the first quarter of 2020, our retail brands continue to attract new customers and retain existing customers by focusing on design, quality and value,” Kang said.
Ever-Glory International Group, a retailer of branded fashion apparel, posted 33.7 per cent decrease in sales to $58.3 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to $87.9 million in same period prior year. Net loss during the quarter were $2.6 million (Q1 FY19: $0.4 million). Gross profit were $16.0 million (Q1 FY19: $29.5 million).#
Following the remodeling or relocation of 2 stores during 2020, we operated a nationwide network of 1,038 stores as of March 31, 2020.”
ALCHEMPro News Desk (JL)
marketing@alchempro.com
