China Xiniya Fashion Posts Loss In Q3 - Quick Facts

(RTTNews) - China Xiniya Fashion Limited (XNY), a provider of men's business casual apparel in China, Monday said third-quarter net loss was 206.1 million yuan, compared to net profit of 6.0 million yuan in the third quarter of 2013.

Loss per ADS was $0.59, in comparison with earnings per ADS of $0.02 last year.

The latest results included loss on inventory buyback of 196.58 million yuan. The firm said its increase in inventories was mainly due to the inventory buy back from distributors.

Revenue fell to 205.2 million yuan from 389.8 million yuan in the third quarter of 2013.

Xiniya's network of authorized retailers had a net reduction of 207 retail outlets in the third quarter of 2014. The total number of authorized retail outlets was 1,214 as of September 30, 2014.

"We moved rapidly to execute our inventory buy back initiative during the third quarter as the ongoing downturn in China's menswear industry continued," said Qiming Xu, Xiniya's Chairman and Chief Executive Officer.