Ever-Glory Registers 5% Revenue Growth In Q2

  • Ever-Glory International Group Inc EVK reported second-quarter FY22 sales growth of 5.4% year-on-year, to $63.8 million, versus $60.6 million last year.
  • Sales for the company's branded fashion apparel retail division decreased 37.3% to $21.4 million, and the wholesale division jumped 60.5% to $42.4 million.
  • Gross profit for the quarter grew 11% to $20.4 million, and the margin expanded 160 basis points to 32%.
  • The operating margin was 5%, and operating income for the quarter was $3.2 million.
  • The company held $75.2 million in cash and equivalents as of June 30, 2022.
  • EPS for the quarter was $0.16 versus $(0.12) last year.
  • CFO Jason Jiansong Wang said, "The second quarter results are coupled with our ability to increase operating leverage. Going forward, we remain confidence in the long-term prospects of our business and we will continue implementing our margin enhancement and cost control measures to further strengthen the profitability of our business."
  • Price Action: EVK shares are trading higher by 16.07% at $1.30 in premarket on the last check Friday.
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