XTEP 2011 Will Continue To Exert Its Strength In &Nbsp.
Recently,
Shoe brand XTEP
The number of orders in the third quarter of 2011 increased by 24% annually, and the increase was close to 25% in the 23% and two quarter of the first quarter of 2011, and the results were in line with our expectations.
The increase in orders was mainly due to double-digit year-on-year growth in sales volume, while the average selling price of clothing and footwear increased by double-digit and unit number respectively.
Management believes that the sales volume of the company will increase by 20% in the fourth quarter of 2011.
In the first half of 2010, footwear brand XTEP clothing and footwear accounted for 56% and 42% of the total revenue respectively.
By the end of 2010, XTEP had 7000 stores that met our expectations.
The discount on clothing wholesale was maintained at 60% while the discount on footwear decreased from 65% in 2007 to 60% in 2010.
Management has no intention of changing wholesale discounts at present.
The increase in average selling price should help maintain gross margin, and increase internal production can further reduce the impact of rising raw material prices.
Running is still the focus of XTEP's long-term growth strategy. In view of this, the company has launched a brand new Tiple X running shoes series.
We believe that running shoes will continue to maintain the growth momentum of the company.
At the same time, XTEP is also actively participating in sponsorship projects and is sponsoring several international marathon events in China and Taiwan.
This will further strengthen jogging as the main direction of XTEP's promotion and promotion of XTEP brand value in sports.
At present, the contribution from running shoes account for 20-25% of the company's footwear income.
Management expects that advertising and publicity spending will reach 12% and 11-13% respectively in 2010 and 2011.
The company's operating data in the fourth quarter of 2010 were robust, and the same store sales grew strongly during the same quarter, and exceeded 8-10% in the third quarter to an annual increase of over 10%.
Orders for the fourth quarter increased by 25% year-on-year, and have been fully implemented, with a total of less than 5% replenishment orders.
Retail discount is maintained at 15-20%, while the sales to inventory ratio is maintained at 4.0-4.5 times the level of health.
Looking forward to the future, shoe brand XTEP will continue to focus on the second and three tier cities in Hunan, Anhui, Sichuan and Shandong this year, and plans to set up about 800-1000 shops in the mainland.
The main target of XTEP's products is the pro market, especially the young consumers, so its pricing is reasonable.
XTEP can benefit from the acceleration of low to middle income earners' wages and the acceleration of urban economic development by the central government.
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