Ever-Glory (EVK) Reports Q3 EPS of $0.22 on Revenues of $120.3M

Ever-Glory (NASDAQ: EVK) reported Q3 EPS of $0.22. Revenue for the quarter came in at $120.26 million.

• Total sales for the third quarter of 2017 were $120.3 million, an increase of 9.4% from $109.9 million in the third quarter of 2016. This increase was primarily attributable to a 0.2% increase in sales in our wholesale business and a 24.9% increase in our retail business.
• Sales for the Company\'s branded fashion apparel retail division increased by 24.9% to $51.3 million for the third quarter of 2017, compared with $41.1 million for the third quarter of 2016. This increase was primarily due to increased same-store sales. The Company had 1,363 retail stores as of September 30, 2017, compared with 1,345 retail stores as of September 30, 2016.
• Sales for the Company\'s wholesale division slightly increased by 0.2% to $69.0 million for the third quarter of 2017, compared with $68.9 million for the third quarter of 2016. This increase was primarily due to an increase in sales in Mainland China and Hong Kong partially offset by a decrease in sales in Germany, the United Kingdom, Europe-Other, Japan and the United States.
• Total gross profit for the third quarter of 2017 increased by 12.3% to $33.3 million, compared with $29.6 million for the third quarter of 2016. Total gross margin increased to 27.6% from 26.9% for the third quarter of 2016.
• Gross profit for the retail business increased by 17.8% to $23.0 million for the third quarter of 2017, compared with $19.6 million for the third quarter of 2016. Gross margin decreased to 44.9% from 47.6% for the third quarter of 2016.
• Gross profit for the wholesale business increased by 1.6% to $10.2 million for the third quarter of 2017, compared with $10.1 million for the third quarter of 2016. Gross margin increased to 14.8% from 14.6% for the third quarter of 2016.
• Selling expenses for the third quarter of 2017 increased by 9.3% to $20.2 million, or 16.8% of total sales, compared with $18.5 million, or 16.8% of total sales for the third quarter of 2016. The increase was mainly attributable to higher retail sales.
• General and administrative expenses for the third quarter of 2017 increased by 3.1% to $10.2 million, or 8.5% of total sales, compared with $9.9 million, or 9.0% of total sales for the third quarter of 2016. The increase was attributable to the increased average salaries.
• Income from operations for the third quarter of 2017 increased by 131.3% to $2.8 million compared with $1.2 million for the third quarter of 2016.
• Net income attributable to the Company for the third quarter of 2017 was $3.2 million compared with a net income attributable to the Company of $0.6 million for the third quarter of 2016. Basic and diluted earnings per share were $0.22 for the third quarter of 2017 compared with basic and diluted earnings per share of $0.04 for the third quarter of 2016.

For earnings history and earnings-related data on Ever-Glory (EVK) click here.

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