Chinese fashion retailer Ever-Glory International has posted a modest increase in net sales in its second quarter – from US$2.7 million last year to $2.8 million.
The firm’s chairman, president and CEO Yihua Kang said that during the second quarter, Ever-Glory maintained its focus on developing its retail business through a multi-brand strategy and store network optimisation, while improving its wholesale business by upgrading its 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 per cent for our wholesale business,” he said.
“During the second quarter of 2018, we remained focussed on driving the retail business through store a network optimisation strategy, as well as inventory management strategy,” Kang continued. “Following the remodelling or relocation of 69 stores during the second quarter, we operated a nationwide network of 1417 stores as of June 30.”
“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,” he concluded.
Based in Nanjing, China, Ever-Glory retails branded women’s fashion apparel through its own store network under the brands La Go Go, Velwin, Sea To Sky and Idole in China.