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The First Quarter Grew By 62%&Nbsp; &Nbsp; American Apparel Giant Wei Fu.

2010/8/9 20:24:00 81

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Industry giant TNF parent company Wei Fu

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The first quarter of 2010 was released.

The report showed total revenue of $1 billion 750 million, an increase of 1.4% over the same period last year, which was $1 billion 730 million in the first quarter of last year.

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The strong performance of the series brands and the reduction of operating costs and the reduction of product inventories increased net profit by 62%, to a record $163 million 500 thousand, or 1.46 US dollars per share. The net profit last year was US $100 million 900 thousand, or 91 cents per share.

"We have a strong start this year," said Eric C. Wiseman, chairman and chief executive officer of the board of directors of the group. "The first quarter results are better than expected, and gross revenue growth and gross profit even exceed our expectations.

The measures to reduce operating costs and reduce inventory from 09 years have provided a strong impetus for the first quarter.

We expect the growth of front-line product sales will continue to accelerate in the second quarter, and earnings per share will reach a new high this year.

We are confident of our main growth engine outdoor and extreme sports business and its development in China, and will increase investment and support in target marketing and brand building in these areas.

The first quarter revenue of outdoor brands increased by 10% in the first quarter, while operating income and profit also reached the best record in history.

The global income of North Face and Vans brands increased by 9% and 20% respectively; the total income of the outdoor series in the Americas increased by 11% over the same period last year, while that in the international market increased by 8%; the total revenue of direct selling increased by 28% in the first quarter, and the brand growth of North Face, Vans, Kipling, Napapijri and Lucy reached two digit.

Despite increasing investment in marketing and brand building in the first quarter, the revenue of the outdoor and extreme sports section of the group has increased by 50% and profit has increased by nearly 20%.

In order to further enhance the growth momentum and the maximum profit growth of the dominant brands, the group decided to add 35 million US dollars to brand building and marketing this year, thus making the total investment amount to US $85 million.

Based on the good performance in the first quarter, the group has raised its 2010 annual profit and revenue expectations, from the original 2-3% to 3-4%, and expects to make a profit of $5.90 a year.

The company said it expects annual earnings per share of about $5.90, higher than previously expected 5.60-5.70 dollars.

Revenue is expected to grow by 3-4%, higher than previously expected 2-3%, with a total revenue growth of 10%.

In addition, the company has increased its expectations for the Asian market, hoping to grow by more than 25% annually.