Smith Barney Clothing Was Hit By The Sky Insider: A Quarterly Performance Fear Of Negative Growth

After the heavy drop in March 8th, Mei Bang dress

On the eve of the upcoming release of a quarterly bulletin of the United States, is the agency already pulling out of the big show together?

What secrets are behind us bond collapse?

"I'm sorry, but I really don't know why the US stock price has dropped so much."

This is the reply from Tuesday's "daily economic news" reporter who interviewed some brokerage researchers.

Unlike the collapse of a month ago, the sharp drop in the price of the United States apparel has hardly been much foreseen, and is also expected by many market participants.

Data show that, from last Wednesday's 3 trading days, Smith Barney shares rose 1.3%, compared with the same period Shen Wan textile and clothing index unchanged.

However, after the first trading day after the Qingming Festival, the stock plummeted all the way.

Not only did it drop more than 6% on that day, its turnover also hit a new high in the past 9 months.

Surprisingly, after a day, the US bond volume reached 13 million 930 thousand shares, the highest level since its listing in second days.

On the same day, its turnover rate also soared to 13% from 2% last Friday.

The flow of funds showed that on Tuesday, a total of 266 million yuan was sold in the US bond market, with outflow of 134 million yuan.

The difference between inflow and outflow is -1693 yuan, accounting for 6.4% of the total turnover.

On Wednesday, the capital outflow further expanded to 163 million yuan, while the inflow and outflow difference accounted for 11.22% of the total paction volume.

As of the closing date of 7 days, the agency has been holding the US state apparel for four days in a row. Its net outflow capital is as high as 59 million 590 thousand yuan, accounting for 8.9% of the total turnover.

On Wednesday, after calling a senior researcher of a large brokerage firm, he finally got the answer.

He explained that two of the recent rumors in the organization should be the reason for the big drop in stock prices this week.

First, the company's quarterly performance may be negative growth. Two, the company's 2009 annual report may not be as good as expected.

It is understood that the company is actively communicating with relevant agencies, and expects its first quarter revenue to grow by about 30% over the same period.

Interestingly, the researcher's views on the quarterly performance of Smith Barney have also undergone subtle changes recently.

Last month, he also said that due to the end of March, it was hard to say that quarterly performance was poor.

But this week he admitted that because of the small proportion of the first quarter income in March and the cost of the same month, there is a negative possibility of net profit growth.

Recently, the United States has made many calls to the United States, but the company has not answered the phone.

After the massive sell-off, if the company's quarterly results are really unsightly, what will the fuse be?

Through interviews with a number of Securities researcher, the reporter concluded that the company may have three failures in management, marketing and product design.

First of all, in management, the cost of American state is not as good as expected.

The company's three quarterly report in 2009 showed that the three growth rates in the United States were over 48%, far exceeding the seven wolves in the same period.

Not only that, but the United States also attracts Hollywood stars Orlanndo Bloom and supermodel Agnes Dean as spokesmen for MC.

This can't help daylighting. How much do these two big brands burn?

Reporters learned that the United States currently has nearly 3000 terminal channels, after the listing has not stopped the pace of expansion of the channel.

According to statistics, since the second half of last year, the company has announced 6 times that it plans to spend 210 million yuan on 40 stores to carry out marketing network project construction.

In addition, the company announced last month that it will join the American dream factory to sell the new MTEE Series in 3000 stores nationwide in April this year.

The birth of the new brand has not brought about a burst of imaginative performance.

The company has admitted that the continuous increase in the cost of construction of new MC brand has brought about a rapid growth in the cost of sales.

At the same time, because of the independent operation of the two branches of Smith Barney and MC, the operation experience in this area is relatively short, and the management efficiency has not yet been effectively implemented.

According to the 3 quarterly report released last year, the company has expanded its scale of direct sales, and its stock has increased by 72% compared with the end of last year.

Secondly, in terms of marketing, discount is usually controlled by internal companies, such as at least a few discount to ensure the lowest gross profit margin.

But at the beginning of this year, the discount of MC was very crazy, and no doubt it lowered the gross profit margin.

Reporters noted that the Oriental Securities in March 9th issued a research report, from March, after the listing of spring clothing, the United States and the promotion activities basically stopped, most of them are selling at a positive price.

Quarterly earnings are expected to be flat or small growth year on year.

However, reporters from the company's official website found that the sales activities area in spring new products for 7 fold, while the spring dress is 99 yuan.

Finally, the researcher pointed out that there is a certain gap in the design and publicity of MC products.

Because MC was previously targeted at young white-collar workers, it was a more mature route than the United States, but the actual maturity of the cabinet was not enough.

What are the differences between the seven wolves and the wedding birds of the same clothing chain?

According to the 2009 performance bulletin, the US dollar is expected to achieve net profit of 603 million yuan, an increase of 2.63% over the same period, while the net profit of seven wolves and newsbirds is 191 million yuan and 190 million yuan respectively, representing an increase of 25.11% and 54.67% respectively over the same period.

By the end of 9 last year, the US bond earnings per share were 0.3 yuan, lower than the 0.47 yuan and 0.41 yuan of the latter two.

But in terms of cost, the United States is the highest, and its sales cost is as high as 928 million yuan, which is 4 times and 7 times that of the seven wolves and the wedding birds in the same period.

In terms of the difference between the three costs of management and financial expenses, the United States and the United States had three cost rates up to 48.16%, respectively, 14 and 24 percentage points higher than the other two companies.

In terms of market performance, as of Friday's closing, the US and the news birds fell 0.75% and 2.79% respectively, all behind the 11.93% rise in the same period.

The seven wolves rose by 17%.

Reporters learned that the U.S. and the seven wolves terminal channels are close to 3000, and good news birds are about 700.

In view of the differences between the three, a research fellow based in Shenzhen has pointed out that although three companies are mainly franchising, Smith Baron has invested heavily but achieved little effect after setting up a new brand MC.

After reaching a certain scale, the short-term growth of the US state is smaller than that of the other two companies.

The industry believes that compared to the United States and the news birds, because the two market positioning is different, the latter almost no discount, resulting in relatively high gross margins.

In addition, point to point management is adopted in the joining channels of good news birds, which is better in terminal control.

At present, it has two main brands, and its advantages are in manufacturing.

And there are 6 brands under the seven wolves. The product coverage ranges from men's clothing to children's wear, women's clothing and so on.