Motion upholstery source Man Wah's U.S. sales jump 84%
Larry Thomas -- Furniture Today, November 22, 2010
In a filing with the Hong Kong Stock Exchange, the Chinese company said U.S. sales totaled 1.18 billion Hong Kong dollars, or about $152.8 million, in the most recent six-month reporting period. That's up from 643.9 million Hong Kong dollars, or about $83 million, for the same period in 2009.
Sales in the most recent six months nearly equaled U.S. sales for its last full fiscal year, which ended March 31 and saw the company rack up $171.5 million in volume in the American market. For the year ended March 31, 2009, U.S. sales were slightly less than $100 million.
The regulatory filing said the U.S. was Man Wah's fastest-growing market by far and represents about 60% of its worldwide sales.
Man Wah's second-largest market is China, where it has more than 350 Cheers brand retail stores.
Worldwide sales for the six months ended Sept. 30 totaled 1.98 billion Hong Kong dollars, or about $255.2 million. That's up 49% from the same period last year, when sales totaled $1.33 billion Hong Kong dollars, or about $171.1 million.
"The fact that our retail sales and exports both grew at impressive rates ... gives us confidence to declare that the era of robust business growth has returned to Man Wah," the company said in the filing.
Profits for the six months ended Sept. 30 totaled 382.5 million Hong Kong dollars, or about $49.3 million. That's up from 262.2 million Hong Kong dollars, or about $33.8 million, in the comparable period a year earlier.
Man Wah says it is the largest motion upholstery manufacturer and retailer in China and the eighth largest in the U.S.
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