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2011-12-8
Third quarter growth at Zuoan Fashion Limited has beaten expectations, prompting the Chinese casual men's wear company to raise its forecasts for the full year.
"Our third quarter results reflect continuing robust growth to our top and the bottom lines," explained James Hong, founder, chairman, CEO and chief designer.
"Our growth benefitted from greater levels of distributor stores sales and from higher revenue generated from our direct flagship stores.
"We experienced strong demand for our products at our recent sales fairs which helped increase distributor level sales volume over the prior year period. We also benefitted from our increase in wholesale prices to distributors which allowed us to capture greater revenue and improved margin."
The company, which operates 1,246 stores in China expects to post a profit of CNY62.2m to CNY66.6m ($9.8-10.4m) in the fourth quarter, on sales of CNY310m to CNY330m.
For the full year it sees net income of CNY247.7m to CNY252.1m and revenues in the range of CNY1.19bn to CNY1.21bn.
Source:www.just-style.com
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