Ever-Glory succumbs to pressures
16/11/2015
China’s sportswear groups have been dogged by excessive inventories and opening too many stores in recent years, but while companies such as Li Ning and Exceed initially suffered but seem to have pulled themselves out of the mire recently, Ever-Glory has done the opposite. It reported sales rises when its rivals were suffering – revenues rose 25% in 2014, but the slowdown in spending this year has hit results.
Income from operations for the quarter decreased 39.8% to $3.8 million.
Despite this, it operates 51 more stores than it did in September 2014: 1,188.
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