Wholesale sales let Ever-Glory down
China-based sportswear, outerwear and apparel company Ever-Glory International has posted financial results for the year ended December 31, 2009.
Net sales fell 7.8% to $89.9 million during the year compared with $97.5 million in 2008. Although sales in its retail business increased significantly during 2009, wholesale sales fell 18.4%.
Total gross profit in 2009 increased 15.1% to $18.3 million compared with $15.9 million in 2008.
During the fourth quarter of 2009, wholesale sales fell 12.1% compared with the same period in 2008.
"We were pleased with our results under a challenging global environment," commented Edward Yihua Kang, chairman of the board and chief executive officer. "Although our wholesale business experienced decreased sales, we were still able to grow our retail business and improve our margins and profitability.”
For the first quarter of 2010, the company anticipates total net sales of $22 to $25 million and net income of $1.5 to $1.8 million. For full year 2010, Ever-glory anticipates total net sales between $121 and $141 million and net income of between $6.5 and $7 million.
