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Beautiful Financial Report Difficult To Hide "Stock Pressure" Shoe Enterprises "Wan Dian Mode" Can Not Play In The Short Term

2012/2/27 10:49:00 17

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February 27th, "thirty years Hedong, thirty years Hexi".

Once only

Nike

The era of competition between Adidas and the top two has passed. The local sports brand shoe enterprises, represented by Lining and Anta, are beginning to emerge and catch up with both.

In recent years, "WanDian" has become a new key word in the development of local sports brand shoe enterprises. In the eyes of Lining, Anta and 361 degree bosses, it seems that sales outlets can break through thousands of homes to show their strength. But since the financial crisis in 2008, the pace of "WanDian" has obviously slowed down, and some have even begun to reduce the terminal.

Good news is hard to hide "inventory pressure"

In February 20th, according to Hongkong media reports, Anta from Jinjiang, Fujian, announced its annual performance in 2011 to be sneer at as a sport.

brand

The 2011 year of the "retrogression year" of the plate opened.

The securities industry estimates that Anta's annual profits can rise more than 13% to 1 billion 753 million yuan, but under the influence of "inventory door", there will be a lot of news about this year's sports brand shoe business.

According to industry sources, at the beginning of 2011, Anta put forward the great goal of "Wan Dian scale" and "10 billion sales".

Over the past year, Anta's revenue last year was 8 billion 905 million yuan, an increase of 20.2% over the same period last year, and the profit attributable to shareholders was 1 billion 730 million yuan (not recorded in dividends), an increase of 11.5% over the same period last year.

The number of stores increased by 229, with a total sales volume of 7778, with a total sales area of 95.

90 thousand square meters, the average sales area increased from 116 square meters to 123 square meters.

Anta sports said that the increase in revenue was mainly due to the increase in product categories and the expansion of distribution networks.

Among them, shoes products achieved revenues of 4 billion 335 million yuan, an increase of 13.33% over the same period, and clothing products revenue of 4 billion 288 million yuan, an increase of 28.55% over the same period last year.

Arguably, this is a pretty good financial report, sales, profits and other data growth rate is higher than 10%, but analysts at Jiayin International believe that Anta needs to lower this year's growth and branch target, especially in the third quarter. "Inventory door" is not a problem existing in an enterprise, basically the whole sports industry is caught in "

Stock

If the door is not digested in time, the earnings report in 2012 will be a spectacle.

In view of this, Anta will respond to 2012 by conserving measures such as reducing the growth rate of new shops and reducing the order amount. It is expected that the industry downturn may bottom out in the second half of the year.

Ding Shizhong, chairman of Anta's board of directors, pointed out that the goal of opening a shop this year has increased by 3% over the previous year and maintained 7800-8000 of its original target last year.

Ding Shizhong said that the order volume of Anta's first quarter and second quarter order increased but the number of units in the third quarter was reversed, mainly due to the decline in the average unit price and order volume.

He stressed that he hoped to maintain the annual order amount unchanged from last year.

Ding Shizhong also said that the company's Treasury sales ratio is 4.5 times, believing that inventory pressure will drop in the second half.

"We expect to get better in the second half of the year."

Ding Shizhong said, "before the individual enterprises have problems, the adjustment has also been adjusted. This year is also the Olympic year. The Olympic Games have a good pulling effect on the sports industry."

However, this is only the first sports brand shoe business released this year. XTEP, 361 degrees, PEAK and Lining's earnings haven't yet been released. Anta's earnings report can be peek out. 2012 is a key year for them to digest inventory.

"Wan Dian mode" can not play in the short term

"To tell you the truth, local sports brand shoe enterprises are still hard to compete directly with Nike and Adidas in the short term."

According to the analysis of the industry, 90% of China's local sports brand shoes enterprises are from Jinjiang, Fujian. In addition to the brand operation center or in Xiamen or in Shanghai, Guangzhou and Beijing, the production bases are basically in the province, and very few are located in Anhui, Hubei and Henan. With the increasing labor cost, the labor intensive industries in the coastal areas have been unable to adapt to the requirements of the new era, resulting in the rising production cost of these sports brand shoes and the profit being slowly consumed.

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In addition, the 2008 Beijing Olympic Games products craze sales demand saturation, so that the vast majority of sports brands.

Shoe enterprises

In the "inventory door" crisis, on the one hand, the cost is high while the sales are not smooth. But for Nike and Adidas, their sales area is global, and they all take the road of "light production and heavy brand".

Labor costs rise? Before Taiwan, now China, is no longer their "dish", Vietnam, Kampuchea, Thailand and other low labor costs areas can enter their "line of sight", the production cost is lower than the domestic sports brand shoes first.

Stocks are increasing? Their market is global, not just in the Greater China region. China's products can be sold in Japan, India or other countries. In short, they use global sales channels to reduce their inventories to lower levels.

If the 2008 Beijing Olympic Games let all sports brand shoe enterprises enter the era of expanding capacity and "horse racing enclosure", Adidas is the fastest brand from the "stock door".

Now, they are ready for the 2012 London Olympic Games and the European Cup of Poland and Ukraine.

In contrast, the local sports brand shoe companies, although the number of stores is already close to Nike or Adidas, but single store retail sales are far below the two.

In terms of Anta's 8 billion 900 million yuan sales and nearly 8000 stores, the sales volume of single store is only one million yuan. Adidas's sales in 2010 are 1 billion euros (8 billion 500 million yuan) and 6000 stores, and the sales volume of single store is more than 1 million 400 thousand yuan.

In the first and second tier cities of the "golden business district", millions of sales mean loss, and the figure of 1 million 400 thousand yuan will be guaranteed. This is why in the first 9 months of 2011, Adidas created 28% high speed growth in China, while the average growth rate of the industry was 13%.

Gao Jiali, general manager of Adidas group Greater China, said that in 2011, the revenue of Adidas Greater China will grow by two digits. In the next three years, Adidas will open 2500 stores, most of which are located in three or four line cities in China. These regions are just the "golden business circles" of local movement brand shoes enterprises. Now they will face the challenge of Adidas directly.

In addition to the layout, Nike and Adidas have entered the market segments, such as women, children and basketball monopoly. These markets are also favored by domestic sporting goods companies. Lining and Anta have entered the women's market, and the 361 degree is also pushing the children's clothing market. However, at present, the domestic sports brand shoe enterprises haven't yet covered one whole market, and the market segmentation will decide who will win in the next round of competition. "Domestic sports brand shoes enterprises, especially Lining and Anta, have another development elbow."

Industry insiders say that the stagnation of the two brands of Lotto and fir will affect the diversification of the two strongest local enterprises, thereby dragging down the overall performance.