Ever-Glory International Group, Inc. Provides Earnings Guidance for the Second Quarter; Revises Sales Guidance for the Full Year of 2012
July 14, 2012 at 08:00 am EDT
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Ever-Glory International Group, Inc. provided sales guidance for the second quarter and full year of 2012. For the quarter, the company's total net sales are anticipated in the range of $46 to $49 million versus prior guidance of $50 to $60 million, primarily because of the weaker-than-expected sales in the company's retail segment. The increase in sales from retail segment during the second quarter of 2012 compared to the same period last year is expected to be lower than the company's previous projection. Despite of the lower than expected total net sales, the company expects net income in second quarter to be approximately in line with prior guidance. Because management believes the profit margin in second quarter of 2012 will slightly increase compared to same period last year.
For the year, the company expects full-year 2012 sales in the range of $210 to 250 million versus prior guidance of $225 to $260 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. 