Q1 revenue jumps 33.3% at China Xiniya Fashion (China)

China Xiniya Fashion Limited leading provider of men's business casual apparel in China reported financial results for the first quarter of 2012.

First Quarter 2012 Highlights
Revenue in the first quarter of 2012 increased by 33.3% to RMB212.3 million, as compared to RMB159.3 million in the first quarter of 2011, which exceeded the prior guidance of 23%-28%.

Gross margin was 34.1% in the first quarter of 2012 as compared to 33.6% in the first quarter of 2011.

Profit before taxation in the first quarter of 2012 increased by 35.0% to RMB57.9 million as compared to RMB42.9 million in the first quarter of 2011.

Net profit in the first quarter of 2012 increased by 34.6% to RMB43.2 million as compared to RMB32.1 million in the first quarter of 2011.

Earnings per ADS were $0.12 in the first quarter of 2012 as compared to $0.08 per ADS in the first quarter of 2011, and exceeded prior guidance of $0.04-$0.09 per ADS.

Xiniya's network of authorized retailers had a net addition of 9 new retail outlets in the first quarter of 2012, consisting of 23 new retail outlets opened and 14 retail outlets closed, bringing the total number of authorized retail outlets to 1,616 as of March 31, 2012.
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