Ever-Glory (EVK) Reports Q4 EPS of $0.37 on Revenues of $130.4M

Note: EPS may not be comparable

Ever-Glory (NASDAQ: EVK) reported Q4 EPS of $0.37. Revenue for the quarter came in at $130.4 million, versus $0 reported last year.

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 14.9% to $70.5 million for the fourth quarter of 2017, compared with $61.4 million for the fourth quarter of 2016. This increase was primarily due to an increase in same-store sales. The Company had 1,400 retail stores as of December 31, 2017, compared with 1,378 retail stores as of December 31, 2016.
• Sales for the Company\'s wholesale division increased by 22.3% to $60.0 million for the fourth quarter of 2017, compared with $49.0 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 increased by 18.8% to $43.3 million, compared with $36.5 million for the fourth quarter of 2016. Total gross margin increased to 33.2% from 33.1% for the fourth quarter of 2016.
• Gross profit for the retail business increased by 14.9% to $29.6 million for the fourth quarter of 2017, compared with $25.8 million for the fourth quarter of 2016. Gross margin remained flat at 42.0% for the fourth quarter of 2017 and 2016.
• Gross profit for the wholesale business increased by 28.2% to $13.7 million for the fourth quarter of 2017, compared with $10.7 million for the fourth quarter of 2016. Gross margin increased to 22.9% from 21.8% for the fourth quarter of 2016.
• Selling expenses for the fourth quarter of 2017 increased by 17.4% to $25.7 million, or 19.7% of total sales, compared with $21.9 million, or 19.9% of total sales for the fourth quarter of 2016. This increase was mainly attributable to higher retail sales.
• General and administrative expenses for the fourth quarter of 2017 increased by 2.4% to $10.2 million, or 7.8% of total sales, compared with $9.9 million, or 9.0% of total sales for the fourth quarter of 2016.
• Income from operations for the fourth quarter of 2017 increased by 60.6% to $7.4 million compared with $4.7 million for the fourth quarter of 2016.
• Net income attributable to the Company for the fourth quarter of 2017 was $5.5 million compared with $3.4 million for the fourth quarter of 2016. Basic and diluted earnings per share were $0.37 for the fourth quarter of 2017 compared with $0.23 for the fourth quarter of 2016.

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

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