Ever-Glory (EVK) Reports Q1 EPS of $0.06 on Revenues of $92.8M

Ever-Glory (NASDAQ: EVK) reported Q1 EPS of $0.06. Revenue for the quarter came in at $92.8 million

First Quarter 2018 Financial Results

• Total sales for the first quarter of 2018 were $92.8 million, an increase of 9.0% from $85.1 million in the first quarter of 2017. This increase was primarily driven by an 18.9% increase in our retail business, partially offset by a 10.8% decrease in wholesale business.
• Sales for the Company\'s branded fashion apparel retail division increased by 18.9% to $67.5 million for the first quarter of 2018, compared with $56.8 million for the first quarter of 2017. This increase was primarily due to an increase in same-store sales. The Company had 1,409 retail stores as of March 31, 2018, compared with 1,369 retail stores as of March 31, 2017.
• Sales for the Company\'s wholesale division decreased by 10.8% to $25.3 million for the first quarter of 2018, compared with $28.3 million for the first quarter of 2017. This decrease was primarily attributable to decreased sales in Mainland China, Germany, the United Kingdom, other European markets and Hong Kong, partially offset for increased sales in the United States and Japan.
• Total gross profit for the first quarter of 2018 increased by 9.9% to $31.3 million, compared with $28.5 million for the first quarter of 2017. Total gross margin increased to 33.8% from 33.5% for the first quarter of 2017.
• Gross profit for the retail business increased by 15.0% to $25.5 million for the first quarter of 2018, compared with $22.2 million for the first quarter of 2017. Gross margin was 37.8%, compared to 39.1% for the first quarter of 2017.
• Gross profit for the wholesale business decreased by 7.9% to $5.8 million for the first quarter of 2018, compared with $6.3 million for the first quarter of 2017. Gross margin increased to 23.0% from 22.3% for the first quarter of 2017.
• Selling expenses for the first quarter of 2018 increased by 12.6% to $22.2 million, or 24.0% of total sales, compared with $19.7 million, or 23.2% of total sales for the first quarter of 2017. The increase was attributable to the increased store decoration and marketing expenses.
• General and administrative expenses for the first quarter of 2018 increased by 5.8% to $7.7 million, or 8.3% of total sales, compared with $7.3 million, or 8.5% of total sales for the first quarter of 2017. The increase was mainly attributable to the increased average salaries.
• Income from operations for the first quarter of 2018 decreased by 4.2% to $1.4 million compared with $1.5 million for the first quarter of 2017.
• Net income attributable to the Company for the first quarter of 2018 was $0.8 million compared with 1.0 million for the first quarter of 2017. Basic and diluted earnings per share were $0.06 for the first quarter of 2018 compared with basic and diluted earnings per share of $0.07 for the first quarter of 2017.

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

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