Ever-Glory International Group, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2014
November 13, 2014 at 04:00 am EST
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Ever-Glory International Group, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company announced net sales of $139,949,325 compared to $106,659,519 for the same period a year ago. Income from operations was $6,324,143 compared to $4,470,498 for the same period a year ago. Income before income tax expense was $6,742,713 compared to $4,817,381 for the same period a year ago. Net income was $5,136,698 compared to $3,883,448 for the same period a year ago. Earnings per share, basic and diluted were $0.35 compared to $0.26 for the same period a year ago. Increase in sales was primarily attributable to a 41% increased sales in retail business as well as a 24.7% increased sales in wholesale business.
For the nine months, the company announced net sales of $331,632,274 compared to $244,100,494 for the same period a year ago. Income from operations was $16,994,527 compared to $12,507,035 for the same period a year ago. Income before income tax expense was $17,421,259 compared to $12,109,843 for the same period a year ago. Net income was $13,056,570 compared to $9,697,738 for the same period a year ago. Earnings per share, basic and diluted were $0.88 compared to $0.66 for the same period a year ago.
The company provided earnings guidance for the fourth quarter and full year of fiscal 2014. For the fourth quarter of 2014, the company anticipates total net sales in the range of $90 million to $140 million and net income in the range of $1.5 million to $2.5 million.
For full year 2014, the company anticipates total net sales in the range of $420 million to $470 million and net income in the range of $11 million to $17 million.
Ever-Glory International Grou, Inc is a China-based company mainly engaged in retailing of branded fashion apparel and providing global apparel supply chain solution. The Company mainly operates through two segments. The Wholesale segment is mainly engaged in wholesale-channel sales made principally to domestically and internationally recognized brands, and department stores located throughout Europe, the U.S., Japan and the People's Republic of China (PRC). The segment focus on well-known, middle-to-high end casual wear, sportswear, and outerwear brands. The Retail segment is mainly engaged in retail-channel sales directly to consumers through retail stores located throughout the PRC as well as sales via online stores at Tmall, Dangdang mall, JD.com, VIP.com and others.
Ever-Glory International Group, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2014