Ever-Glory battles China’s ‘economic slowdown’
17/08/2017
The group, which makes sportswear for other companies as well as its own brands, operates 1,362 stores across China – around 200 more than in early 2016.
CEO Yihua Kang said: “We are pleased to see our store network optimisation and new store designs initiatives resulting in robust same store sales growth in the second quarter.
“While we enjoyed retail growth, we also made efforts to balance inventory turnover by clearing out-of-season products and shortening order response time. Our wholesale business remained under pressure due to economic slowdowns in many of our key global markets.”
Sales fell in China, Europe and Japan, but rose in Hong Kong, Germany and the US.
Rival Chinese brand Anta this week published record revenue and profits for its first half.
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