Ever-Glory International Group Inc. (NASDAQ: EVK) stock gained by 6.72% at last close whereas the EVK stock price declined by 6.69% in the pre-market trading session. Ever-Glory International Group located in Nanjing, China, is a prominent worldwide garment supply chain solution provider as well as a retailer of branded fashion clothing.
EVK stock’ Financial Highlights
The financial figures for the third quarter ended September 30, 2021, were released by Ever-Glory International Group.
- For the third quarter of 2021 total sales were $94.4 million which is a rise from $79.9 million in the third quarter of 2020 by 18.1 percent.
- Total gross profit declined by 2% to $23.2 million in the third quarter of 2021, relative to $23.7 million in the third quarter of 2020.
- The retail division’s gross profit fell 10.3% to $13.0 million in the third quarter of 2021, compared to $14.5 million in the third quarter of 2020.
- In the third quarter of 2021, gross profit for the wholesale company climbed by 11.2 percent to $10.2 million, up from $9.2 million in the third quarter of 2020.
- For Q3 2021, the selling expenses have surged by 11.1% to $14.4 million or 15.3% of total sales whereas the selling expenses in the third quarter of 2020 was $13.0 million or 16.3% of total sales.
- General and administrative expenses climbed by 21.1 percent to $9.5 million, or 10% of total sales, in Q3 of 2021, relative to $7.8 million, or 9.8% of total sales, in the third quarter of 2020. Increased pay was to blame for the rise in G&A expenses.
- In the third quarter of 2021, the Company’s net loss was ($3.2 million), compared to $2.2 million in the third quarter of 2020. In the third quarter of 2021, the basic and diluted loss per share was ($0.22), compared to $0.15 in the third quarter of 2020.
Mr. Yihua Kang, Chairman, President, and CEO of Ever-Glory, stated,
They continued to concentrate on building their retail business through the multi-brand approach and store network optimization programme in the third quarter, while also strengthening the wholesale business by improving their customer portfolio and enhancing their account receivables.