Winner Medical fiscal 4Q net income rises 7 pct
Winner Medical Group Inc. said Friday its fiscal fourth quarter net income climbed 7 percent, as strong sales in North and South America boosted performance while European orders slowed due to the debt crisis.
The company is based in Shenzhen, China, and makes medical dressings and consumer products. Its stock began trading on the Nasdaq Global Market in April.
It reported net income of $3.1 million on revenue of $28.2 million in the quarter ended Sept. 30, up from $2.9 million on revenue of $27.7 million a year ago.
Winner said sales to North and South America grew nearly 21 percent, driven by increased orders from U.S. and Brazilian clients. Meanwhile, sales in Europe grew about 5.4 percent, and clients in Greece and Spain postponed or canceled orders.
The company also said its performance was affected by a spike in cotton prices and a rising yuan. It raised prices and gained market share by expanding distribution in China and abroad, but the company said customers in China and Japan postponed orders after the price increase.
The company also owns and operates 23 PurCotton chain stores in China.