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Smith Barney 2011 Quarterly Net Profit Soared By 1223%

2011/5/9 11:01:00 50

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Although the 2010 annual report of the company was not satisfactory, the 2011 quarterly released by Smith Barney brought surprises to the market.

A quarterly report shows that the company's net profit surged by 1223%, and net profit growth rate ranked first in the industry.

However, the reason for the sharp rise in quarterly performance in 2011 was that the US margin was too low in the first quarter of last year.

2009

Smith Barney

In the first quarter, its operating income was 1 billion 89 million yuan, and its net profit was 153 million yuan. In the first quarter of 2010, its operating income was 1 billion 400 million yuan, and its net profit was 15 million 340 thousand yuan.

In the first quarter of 2010, US bond net profit fell by 90% compared with 2009.

Han Zhongwei, an American fashion director, told reporters that because of the low base in 2010, there was a big increase in quarterly data in 2011.

The first quarter report shows that along with the enhancement of the company's product competitiveness, the promotion of channel support strategy and the improvement of terminal retail management level, the revenue of franchising channel and direct channel continues to grow, making the company's business revenue increase by 46%. At the same time, the strengthening of product competitiveness and the promotion of the structural marketing strategy on the direct channel make the gross profit margin of the direct business increase substantially compared with the same period last year.

All the data in a quarterly report show that after the trough of 2010, everything seems to be improving.

Accounts receivable decreased by 43% compared with the beginning of the year, and the accounts receivable increased by 128% compared with the beginning of the year.

Orient Securities believes that, from a global perspective, the public

Casual clothes

It is the apparel sub industry with the largest market capacity and the longest sustainable growth period, and the most easily generated giant companies in this field, such as ZARA, H&M and UNIQLO.

Orient Securities research report pointed out that in terms of industry attributes, companies close to H&M are mainly

American Apparel

Semir clothing and search in particular, and from the business mode and development strategy, the United States and the most close to the costumes.

In addition, the US financial cost increased by 303% in the first quarter of this year compared with the same period last year, reaching about 44000000 yuan, and the cash flow was still tight. In addition, stocks in the first quarter continued to rise.

At the end of the first quarter, inventory was 3 billion 162 million yuan, an increase of 614 million yuan compared with the end of 2010.