Next boosts Ever-Glory’s Q3 results
US and China-based casual wear, outer wear and sportswear manufacturer Ever-Glory International Inc. has reported a 27.9% sales increase for the three-month period ended September 30. Sales totalled $19.5 million compared with $15.2 million for the same quarter of 2006. The increase was primarily the result of an overall increase in sales to Europe (38%), Japan (21%) and the US (16%).
"We received a new $4 million production order from UK-based Next Plc and began filling additional orders with Walls Industries and QVC," said chairman and chief executive officer, Yihua Kang. "With the elimination of Europe's export quota limit by year end, we look forward to additional sales growth in the coming year," he added.
Net income for the quarter was $1.3 million compared with $1.6 million in the prior-year period.
Net sales for the first nine months of 2007 increased 35.5% to $50 million from $36.9 million a year ago. Net income was $3.6 million compared with $3.9 million.
For the full year, the company expects to generate revenues of between $68 million and $70 million. Net income is expected to be between $5.8 million and $6 million.
