LINK
▌ News Releases |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ever-Glory Reports Fourth Quarter and Full Year 2017 Financial ResultsnewAdd: 2018 Update: 2018/03/28 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ever-Glory Reports Fourth Quarter and Full Year 2017 Financial Results
· Full year 2017 retail revenue increased by 10.2% year-over-year to $225.3 million
· Full year 2017 net income attributable to the Company increased by 84.2% to $12.5 million
NANJING, China, March 28, 2018 /PRNewswire/ -- Ever-Glory International Group, Inc. (the “Company” or “Ever-Glory”) (NASDAQ-GM: EVK), a retailer of branded fashion apparel and a leading global apparel supply chain solution provider, today reported its financial results for the fourth quarter and full year ended December 31, 2017.Fourth Quarter 2017 Financial Results
Total sales for the fourth quarter of 2017 were $130.4 million, an increase of 18.2% from $110.4 million in the fourth quarter of 2016. This increase was primarily driven by a 22.3% increase in our wholesale business and a 14.9% increase in retail business.
Sales for the Company’s branded fashion apparel retail division increased by % to $million for the fourth quarter of 2017, compared with $million for the fourth quarter of 2016. This increase was primarily due to an increase in same-store sales. The Company had retail stores as of December 31, 2017, compared with 1,378 retail stores as of December 31, 2016.
Salesfor the Company’s wholesale divisioncreased by % to $million for the fourth quarter of 2017, compared with $ million for the fourth quarter of 2016. This increase was primarily attributable to an increase in sales in Hong Kong China, the United States and Mainland China partially offset by a decrease in sales in Japan, the United Kingdom, Europe-other and Germany.
Total gross profit for the fourth quarter of 2017 creased by% to $million, compared with $million for the fourth quarter of 2016. Total gross margin increased to % from % for the fourth quarter of 201.
Gross profit for the retail business increased by % to $million for the fourth quarter of 2017, compared with $million for the fourth quarter of 2016. Gross margin remained flat% for the fourth quarter of 201.Gross profitfor the wholesale businesscreased by % to $million for the fourth quarter of 2017, compared with $ million for the fourth quarter of 2016. Gross margin creased to % from % for the fourth quarter of 201.
Selling expenses for the fourth quarter of 2017 increased by % to $million, or % of total sales, compared with $million, or % of total salesfor the fourth quarter of 2016. This increase was mainly attributable to higher retail sales.
General and administrative expenses for the fourth quarter of 2017 creased by % to $million, or % of total sales,compared with $million, or % of total salesfor the fourth quarter of 2016.
Income from operations for the fourth quarter of 2017 increased by % to $ million compared with $ million for the fourth quarter of 2016.
Net income attributablefor the fourth quarter of 2017 million compared with $million for the fourth quarter of 2016. Basic and diluted earnings per share were $0. for the fourth quarter of 2017 compared with $0. for the fourth quarter of 2016. for the full year of 2017 by % to $ million compared with $ million for the full year of 2016.
Full Year 2017 Financial Results
Total sales for the full year of 2017 were $ million, a .8% from $ million in the full year of 2016. This crease was primarily due to a 10.2% crease in retail sales and a 1.1% increase in wholesale sales.
Retail sales from the Company's branded fashion apparel retail division by % to $2 million for the full year of 2017, compared with $2 million for the full year of 2016. This was primarily due to an increase in same store sales.
Wholesale sales from the Company's wholesale business by % to $1 million for the full year of 2017, compared with $1 million for the full year of 2016. This was primarily due to increased sales in Hong Kong China, Germany, the United States and Mainland China, partially offset by decreased sales in Japan, Europe-other and the United Kingdom.
Total gross profit for the full year of 2017 by % to $1 million, compared with $121.2 million for the full year of 2016. Total gross margin for the full year of 2017 increased to 3% from 30.% for the full year of 2016.
Gross profit for retail business increased by % to $ million for the full year of 2017, compared with $ million for the full year of 2016. Gross margin for the full year of 2017 increased to % from 4% for the full year of 2016.
Gross profit for wholesale business increased by % to $ million for the full year of 2017, compared with $ million for the full year of 2016. Gross margin for the full year of 2017 increased to 19.0% compared with 17.6% for the full year of 2016.
Selling expenses for the full year of 2017 increased by % to $ million, or .7% of total sales, compared with $ million, or % of total sales for the full year of 2016. The increase was attributable to higher retail sales.
General and administrative expenses for the full year of 2017 by % to $3.1 million, or 8.% of total sales, compared with $3.0 million, or 8.% of total sales for the full year of 2016. The was mainly due to increased average salaries.Income from operations
Net income attributable to the Company for the full year of 2017 by % to $ million compared with $ million for the full year of 2016. Basic and diluted earnings per share were $0. and $0. for the full year of 2017 and 2016, respectively.
Balance Sheet
As of December 31, 2017, Ever-Glory had approximately $million of cash and cash equivalents, compared with approximately $ million as of December 31, 2016. Ever-Glory had working capital of approximately $million as of December 31, 2017, and outstanding bank loans of approximately $ million as of December 31, 2017.
Conference Call
The Company will hold a conference call at 8:00 a.m. Eastern Time on March 28, 2018(8:00 p.m. Beijing Time on March 28, 2018). Listeners can access the conference call by dialing +1-866-548-4713 or +1-323-794-2093 and using the access code 1797415. The conference call will also be webcast live over the Internet and can be accessed at the Company’s website at http://www.everglorygroup.com.
A replay of the conference call will be available from 11:00 a.m. Eastern Time on March 28 through 11:59 p.m. Eastern Time on April 4, by dialing +1-844-512-2921 or +1-412-317-6671 and using the access code 1797415.
About Ever-Glory International Group, Inc.
Based in Nanjing, China, Ever-Glory International Group, Inc. is a retailer of branded fashion apparel and a leading global apparel supply chain solution provider. Ever-Glory is the first Chinese apparel Company listed on the American Stock Exchange (now named as NYSE MKT) in July 2008 and then transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to woman in China under its own brands "La go go", "Velwin", "Sea To Sky" and "idole". Ever-Glory is also a leading global apparel supply chain solution provider with a focus on middle-to-high end casual wear, outerwear, and sportswear brands. Ever-Glory services a number of well-known brands and retail stores by providing a complete set of supply chain management services, including: fabric development and design, sampling, sourcing, quality control, manufacturing, logistics, customs clearance and distribution.
Forward-Looking Statements
Certain statements in this release and other written or oral statements made by or on behalf of Ever-Glory International Group, Inc. (the “Company”) are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including, without limitation, market acceptance of the Company’s products and offerings, development and expansion of the Company’s wholesale and retail operations, the Company’s continued access to capital, currency exchange rate fluctuation and other risks and uncertainties. The actual results the Company achieves (including, without limitation, the results stemming from the future implementation of the Company’s strategies and the revenue, net income and new retail store projections set forth herein) may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties (many of which are beyond the Company’s control). These statements are based on management’s current expectations and speak only as of the date of such statements. Readers should carefully review the risks and uncertainties described in the Company’s latest Annual Report on Form 10-K and other documents that the Company files from time to time with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
For investor and media inquiries, please contact:
Ever-Glory International Group
Dandan Song
Tel: +86-25-5209-6817
E-Mail: sdd@ever-glory.com.cn
The Piacente Group, Inc.
Emilie Wu
China: +86-10-5730-6200
US: +1-212-481-2050
E-Mail: everglory@tpg-ir.com
EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars, except share and per share data or otherwise stated)
AS OF DECEMBER 31, 2017 AND 2016
EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In thousands of U.S. Dollars, except share and per share data or otherwise stated) FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars, except share and per share data or otherwise stated) FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016
|
版权所有:江苏华瑞服装有限公司
苏ICP备17030860号