VLOV Inc., a company that designs, sources and markets VLOV-brand fashion-forward men’s apparel in the People’s Republic of China, today announced its financial results for the first fiscal quarter ended March 31, 2011.
The company reported first-quarter revenue of $21,172, a 17 percent increase compared to $18,067 reported for the first quarter of 2010.
Gross margin as a percentage of total net sales increased to 44 percent for the first quarter, up from 38 percent for the same period in 2010.
Net income for the three months ended March 31, 2011, was $4,456, an increase of 316 percent from $1,071 for the three months ended March 31, 2010.
Net income attributable to shareholders increased 362 percent to $4,242 for the first quarter of 2011 compared with $917 of net income attributable to common shareholders from the three months ended March 31, 2010.
As of May 9, 2011, VLOV had $24.4 million in cash and cash equivalents.
Qingqing Wu, chairman and CEO of VLOV, said the quarterly numbers demonstrate the company’s solid business strategy.
“We are pleased to report another strong quarter of financial performance, which reflects the positive consumer response to our fashion forward designs. We are also seeing increased excitement from our distributors as a result of our continued investments in innovative advertising and marketing programs. At the same time, we maintained solid operating margins of 27.2 performance, reflecting the underlying strength of our operating model, which includes outsourced manufacturing,” Wu stated in the press release.
For more information visit www.vlov.net