Announces New LA GO GO Retail Store Openings
NANJING, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Ever-Glory International Group, Inc. (the "Company," "Ever-Glory")
(NYSE Alternext US: EVK), a leading apparel supply chain manager and retailer in China, today provided an update regarding the Company's 2008 year-end results.
The Company anticipates reporting full-year 2008 revenue in a range of $90 to $95 million versus prior guidance of $90 to $100 million. Ever-Glory expects net income, excluding non-cash charges, for 2008 to be in the range of $5.6 to $6 million versus previously reported guidance of $8 to $9 million. Annual EPS for 2008, excluding non-cash charges, is expected to be in the range of $0.45 and $0.48.
Mr. Edward Yihua Kang, Chairman and Chief Executive Officer, commented, "Our anticipated results for the fourth quarter and full fiscal year were impacted by pricing pressure within our wholesale business segment. In the fourth quarter, we modified pricing in the wholesale segment to maintain our market share and preserve our customer relationships. In spite of our earnings shortfall this quarter, we remain highly optimistic about the future direction of Ever-Glory and the platform we are building as a leading apparel supply chain manager and retailer. We are confident that we have a solid foundation for growth in each of our business segments and believe our competitive position and operating capabilities in our business position remain healthy as we head into 2009."
In addition, Ever-Glory today announced the opening of 10 new retail LA GO GO stores in the final two weeks of 2008. LA GO GO is Ever-Glory's retail store chain in China, which sells clothing designed and manufactured by the Company and targets China's urban youth women's wear market segment. The 10 new stores, each approximately 900 square feet, opened up in seven different provinces throughout China: Shanghai, Jiangsu, Liaoning, Fujian, Chongqing, Sichuan, and Henan.
Mr. Kang commented, "We now have 93 LA GO GO retail stores throughout China that offer high quality items in a diverse array of trends and styles for every woman. We are pleased to have met our goal of opening up 80-100 retail stores in 2008 and will continue to focus our efforts on maximizing sales and profit margins for both our retail and wholesale apparel concepts."
About Ever-Glory International Group, Inc.
Based in Nanjing, China, Ever-Glory International Group, Inc. is a leading apparel supply chain manager and retailer in China. Ever-Glory is the first Chinese apparel company listed on the American Stock Exchange, and has a focus on middle-to-high grade casual wear, outerwear, and sportswear brands. The Company maintains global strategic partnerships in Europe, the United States, Japan and China, conducting business with several well-known brands and retail chain stores. In addition, Ever-Glory operates its own domestic chain of retail stores known as "LA GO GO."
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.
For more information, please contact:
Company Contact
Ever-Glory International Group, Inc.
In the U.S.:
Angel Zhang
Tel: +1-646-385-5222
In Asia:
Yan Guo
Tel: +86-25-5209-6222
Investor Relations:
ICR, Inc.
In the U.S.:
Abbie Gellman
Tel: +1-203-682-8200
In Asia:
Bill Zima & Annie Chen
Tel: +86-10-8523-3087
