Ever-Glory Stock Falls After Q2 Results, Sales Decline 14% Sequentially

  • Ever-Glory International Group Inc EVK reported second-quarter FY21 sales growth of 20.9% year-on-year, to $60.55 million. Sales declined 14% Q/Q from $70.8 million in Q1 of FY21.
  • Sales for the branded fashion apparel retail division improved 21.7% to $34.1 million, while wholesale division sales increased 19.9% to $26.4 million.
  • The gross profit rose 27.3% Y/Y to $18.4 million, with the margin expanding 160 basis points to 30.4%.
  • Operating expense climbed 19.2% Y/Y to $22.2 million. The operating loss narrowed to $(3.7) million.
  • The company held $106.7 million in cash and equivalents as of June 30, 2021.
  • EPS was $(0.12) versus $(0.26) last year. Net loss narrowed to $(1.8) million.
  • Price Action: EVK shares are trading lower by 21.0% at $3.23 on the last check Friday.
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