CEO Yihua Kang said: "We maintained our focus on developing the retail business through our multi-brand strategy and store network optimisation initiative.

“Our retail brands continue to attract new customers and retain existing customers by focusing on design, quality and value.”

Describing a “weak micro-environment”, the group closed over 100 stores in the past year: it had 921 at the end of March compared with 1,038 on March 31, 2020.

Chief financial officer Jason Jiansong Wang added: “We remain confident in the long-term prospects and we will continue implementing our margin enhancement and cost control measures to further strengthen the profitability of our business."

Ever-Glory owns brands including La go go, Velwin and idole and also designs and manufacturers sportswear for overseas brands.