Sales up 28% at Ever-Glory
China-based sportswear, outerwear and apparel company Ever-Glory International has posted improved sales for its third quarter ended September 30.
Sales rose 28.1% to $31.9 million compared with $24.9 million during the third quarter of 2009. The increase has been attributed to domestic retail and wholesale sales.
Gross profit was $6.4 million, up 37.1% compared with the same period in 2009. Net income was $1.83 million, an increase of 1.8% from $1.79 million.
Edward Yihua Kang, chairman of the board and chief executive officer of Ever-Glory, said: "We are especially encouraged by our retail business' strong performance. Sales generated from our retail business increased considerably in the third quarter of 2010, which demonstrates the strong momentum we have with our retail strategy.”
The company is anticipating net sales of $40 to $60 million and net income of $1.9 to $2.9 million during the fourth quarter. For the full year, it expects net sales of between $121 and $141 million and net income of between $5.5 and $6.5 million.
