Ever-Glory International Group, Inc. Announces Consolidated Earnings Results for the Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter and Fiscal Year 2012
March 28, 2012 at 04:00 pm IST
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Ever-Glory International Group, Inc. announced consolidated earnings results for the year ended December 31, 2011. For the period, the company reported sales of $215,779,014 against $134,145,710 a year ago. The increase was attributable to increased sales in both retail and wholesale business. Income from operations was $12,053,572 against $6,615,919 a year ago. Income before income tax expense was $11,687,249 against $7,842,992 a year ago. Net income attributable to the company was $9,647,003 against $6,650,077 a year ago. Basic and diluted earnings per share were $0.65 against $0.45 a year ago. Non GAAP net income was $9,431,003 against $5,629,038 a year ago. Non GAAP diluted EPS was $0.64 against $0.38 a year ago. The increase in net sales was attributable to increased sales in both retail and wholesale businesses.
For the first quarter of 2012, the company anticipates total net sales of $50 million to $60 million and net income of $1.8 million to $2.2 million.
For the full year 2012, the company anticipates total net sales between $225 million and $260 million and net income between $9.5 million and $12 million. The full year revenue forecast is comprised of $140 million to $160 million in expected wholesale revenue and $85 million to $100 million in expected revenue from retail operations.
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 Consolidated Earnings Results for the Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter and Fiscal Year 2012