Ever-Glory in sales slump

Nasdaq-listed, Chinese fashion retailer Ever-Glory International Group has reported a third quarter plunge in same store sales of 21 per cent.

Wholesale sales fell 10.9 per cent with total company revenue down 15.3 per cent to US$118.6 million.

Wholesale sales fell the most in Mainland China, Germany and Japan and in European markets in general.

The company operated 1188 stores at the end of September, compared to 1137 a year earlier.

Gross profit decreased 4.4 per cent to $32.3 million, compared to $33.8 million last year, with gross margin up 310 basis points to 27.3 per cent compared to 24.2 per cent last year.

Gross profit for retail business increased 3.6 per cent to $22.4 million. Retail gross margin increased 1130 basis points to 47.5 per cent from 36.2 per cent.