Pou Sheng International (Holdings) Limited, which is the largest distributor of international branded athletic apparel and footwear in the People's Republic of China and is expanding its distribution of international outdoor brands, warned investors Wednesday that it is likely to report better than expected results for the quarter ended March 31.
In a statement addressed to shareholders and potential investors, the company's board of directors said a preliminary review of the unaudited consolidated financial statements for the three months ended March 31 indicates the company will report a profit compared to a consolidated unaudited net loss of approximately $650,000 for the corresponding period in 2014.
“Based on unaudited consolidated management accounts, the Group expects to continue with its net profit position for the three months ended 31 March 2015 which is primarily due to improvement in the mix of footwear and apparel products sold which has enabled the Group to (i) reduce sales promotions as compared with the corresponding period in 2014; and (ii) reduce dated inventory balance,” the statement said.
Pou Sheng is scheduled to release its audited results for the first quarter in mid-May.
