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Ever-Glory Reports Third Quarter 2018 Financial ResultsnewAdd: 2018 Update: 2018/11/08 |
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Ever-Glory Reports T Quarter 2018 Financial Results
NANJING, China, November 8, 2018 /PRNewswire/ -- Ever-Glory International Group, Inc. (the “Company” or “Ever-Glory”) (NASDAQ: EVK), a retailer of branded fashion apparel and a leading global apparel supply chain solution provider, today reported its financial results for the third quarter ended September 30, 2018.gross marginThe solid third quarter results, coupled with our ability to increase operating leverage, resulted in expanded wholesale operating income during this quarter. Going forward, we remain confident in the long-term prospects of our business and Third Quarter 2018 Financial Results
Total sales for the third quarter of 2018 were $125.5 million, an increase of 4.3% from $120.3 million in the third quarter of 2017. This increase was primarily driven by an 24.2% increase in our wholesale business partially offset by a 22.4% decrease in retail business.
Sales for the Company’s branded fashion apparel retail division decreased by % to $million for the third quarter of 2018, compared with $million for the third quarter of 2017. This decrease was primarily due to a decrease in same-store sales. The Company had retail stores as of September 30, 2018, compared with retail stores as of September 30, 2017. Salesfor the Company’s wholesale divisioncreased by % to $million for the third quarter of 2018, compared with $million for the third quarter of 2017. This was primarily attributable to an increase in sales in Mainland China, Germany, the United Kingdom, Europe-Other, Japan, and the United States, partially offset by a decrease in sales in Hong Kong, China.
Total gross profit for the third quarter of 2018 creased by% to $million, compared with $million for the third quarter of 2017. Total gross margin decreased to % from % for the third quarter of 2017.
Gross profit for the retail business decreased by % to $million for the third quarter of 2018, compared with $million for the third quarter of 2017. Gross margin was %, compared to% for the third quarter of 2017.
Gross profitfor the wholesale business by % to $million for the third quarter of 2018, compared with $million for the third quarter of 2017. Gross margin creased to % from % for the third quarter of 2017.Selling expenses for the third quarter of 2018 decreased by % to $million, or % of total sales, compared with $million, or % of total salesfor the third quarter of 2017. The decrease was attributable to lower retail sales.
General and administrative expenses for the third quarter of 2018 creased by 16.2% to $million, or % of total sales,compared with $million, or % of total salesfor the third quarter of 2017. The decrease was mainly attributable to lower financial fees.
Income from operations for the third quarter of 2018 increased by 39.0% to $ million compared with $ million for the third quarter of 2017.
Net income attributable to the Company for the third quarter of 2018 was $3.3 million compared with 3.2 million for the third quarter of 2017. Basic and diluted earnings per share were $0.22 for the third quarter of 2018 with no change as that of the third quarter of 2017.
Balance Sheet
As of September 30, 2018, Ever-Glory had approximately $million of cash and cash equivalents, compared with approximately $million as of December 31, 2017. Ever-Glory had working capital of approximately $million as of September 30, 2018, and outstanding bank loans of approximately $ million as of September 30, 2018.
Conference Call
The Company will hold a conference call at 7:00 a.m. Eastern Time on November 8, 2018(8:00 p.m. Beijing Time on November 8, 2018). Listeners can access the conference call by dialing +1-877-876-9174 or + 1-785-424-1669 and using the access code 132217. 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 10:00 a.m. Eastern Time on November 8 through 11:59 p.m. Eastern Time on November 15, by dialing +1-844-512-2921 or +1-412-317-6671 and using the access code 132217.
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
EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars, except share and per share data or otherwise stated)
AS OF SEPTEMBER 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017
EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(In thousands of U.S. Dollars, except share and per share data or otherwise stated) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017 (UNAUDITED)
EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars, except share and per share data or otherwise stated) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017 (UNAUDITED)
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