Ever-Glory (EVK) Reports Q2 EPS of $0.19

Ever-Glory (NASDAQ: EVK) reported Q2 EPS of $0.19. Revenue for the quarter came in at $88.5 million.

Mr. Yihua Kang, Chairman, President and Chief Executive Officer of Ever-Glory, said, "During the second quarter, we maintained our focus on developing retail business through our multi-brand strategy and store network optimization initiative, while improving our wholesale business by upgrading customer portfolio. Notably, we achieved year-over-year improvement in gross margins for both of our retail and wholesale businesses, as well as a year-over-year revenue increase of 17.6% for our wholesale business."

"During the second quarter of 2018, we remained our focus on driving retail business through store network optimization strategy, as well as inventory management strategy," Mr. Kang continued. "Following the remodeling or relocation of 69 stores during the second quarter, we operated a nationwide network of 1,417 stores as of June 30, 2018."

"Looking at our wholesale business, we maintained focus on upgrading customer portfolio to reduce credit risk and improve margin in the light of weak micro environment. Our wholesale gross margin continued to improve on a year-over-year basis. Going forward, we\'ll implement a stricter client evaluation system and remain diligent in account receivables collection. We believe the enduring strength of our wholesale business will support its long-term profitability." concluded Mr. Kang.

Mr. Jason Jiansong Wang, Chief Financial Officer of Ever-Glory, added, "We're delighted to see that our operating efficiency continued to improve in the second quarter. Overall gross margin increased by 60 basis points, with wholesale gross margin increasing by 50 basis points, compared with the same period of last year. With strengthened fundamentals and improved operating leverage of our overall business, we are excited about the opportunities that lay before us and we look forward to updating you with our progress next quarter."

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

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