Please replace the release dated December 6, 2011 with the following corrected version due to multiple revisions.
The corrected release reads:
ZUOAN FASHION LIMITED ANNOUNCES THIRD QUARTER 2011 FINANCIAL RESULTS
~ Company Meets Third Quarter Revenue & Exceeds Net Income Guidance Forecast ~
~Company Raises Full Year 2011 Revenue & Net Income Guidance~
~ 3Q11 Revenue Increased 36.6% to RMB424.8 million from RMB311.1 million in 3Q10 ~
~ 3Q11 Net Income Increased 30.0% to RMB92.2 million from RMB70.9 million in 3Q10 ~
Zuoan Fashion Limited (NYSE: ZA) (“Zuoan” or the “Company”), a leading design-driven fashion casual menswear company in China, today announced its financial results for the third quarter ended September 30, 2011.
James Hong, Founder, Chairman, CEO and Chief Designer, commented, “Our third quarter results reflect continuing robust growth to our top and the bottom lines, both of which exceeded expectations. 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.”
“Our store opening plan remained active in the third quarter, with total 1,246 store locations opened as of September 30, 2011. We continue to evaluate further expansion opportunities in the fourth quarter with the aim of opening additional distributor stores, distributor-operated flagship stores and self-operated flagship stores in the fourth quarter.”
“We advanced our marketing initiatives in the third quarter by sponsoring a high profile Chinese TV series scheduled for broadcast early next year and participated in the ‘Who’s Next’ fashion show in Paris, where we enjoyed favorable response from the show participants and fashion professionals.”