Zuoan Fashion Limited (ZA: Quote) reported that its fourth-quarter net income increased 26.8% to RMB70.2 million or $11.1 million from RMB55.3 million or $8.8 million in the same period last year.
Earnings per ordinary share was $0.10 in the fourth quarter of 2011, equivalent to $0.40 per ADS, compared to earnings per ordinary share $0.10 in the fourth quarter of 2010, equivalent to $0.42 per ADS.
Revenue for the fourth quarter was RMB355.3 million or $56.5 million, a 37.6% increase from RMB258.2 million or $41.0 million in the same period last year. The increase in revenue was driven by both distributors and direct stores sales volume.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share on revenues of $50.75 million for the quarter. Analysts' estimates typically exclude special items.
For the first quarter of 2012, the Company currently anticipates revenue in the range of $43.7-$44.5 million, net income of approximately $9.5 - $10.3 million and earnings per share of approximately $0.09 - $0.09. Analysts expect the company to report earnings of $0.28 per share on revenues of $40.16 million for the fist-quarter.
Zuoan said it expects to open approximately 25 self-operated flagship stores in the full year 2012. Approximately 175 new retail stores and 25 flagship stores are expected to be opened by distributors and sub-distributors in of the full year 2012.
by RTT Staff Writer
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