Mid Term Performance Of Listed Companies In Casual Wear Is Mixed.

Some time ago,

All the listed companies released their interim results in 2012.

From the semiannual reports of the companies, we can say "happy and mixed" for the leisure industry.

"Beautiful performance" is worth rejoicing, but the performance is not so "giving strength" also need not be dejected.

The most fundamental is still in any case, enterprises should adjust according to their own reality, in order to use the "beautiful" results in the future to repay their own, get the power of sustainable development.

Search for special: speed up channel expansion, strengthen internal management

Limited by Share Ltd's 2012 semi annual report can be described as "beautiful".

During the reporting period, the company continued to increase sales channel development and construction, strengthen internal management, and further expand brand influence. The company realized total revenue of 664 million yuan, an increase of 48.3% over the same period last year, realized a total profit of 130 million yuan, an increase of 48.74% over the same period last year, and realized a net profit of 95 million 884 thousand and 800 yuan attributable to shareholders of listed companies, an increase of 46.48% over the same period last year, and realized a basic earnings per share of 0.33 yuan.

From the point of view of the channel, franchising channels and self operated channels increased by 47.11% and 60.95% respectively over the same period last year. From a series of products, the income of each series of products maintained a rapid growth. The ladies' series, campus series and fashion series increased by 39.68%, 45.05%, and 58.89% respectively over the same period last year. From the regional perspective, Southern China, central China, Southwest China and East China all obtained relatively rapid growth, of which the main Southern China region's revenue grew 109.88%, and the proportion of revenue increased to 38.82%.

Guo Hai securities analysis pointed out that in the first half of the year, the total number of stores was about 1600, and the rate of extension was 8%.

From the perspective of channel mode, franchising channels and self operated channels increased by 47.11% and 60.95% respectively over the same period last year.

From the regional perspective, Southern China's regional growth is 110%, showing strong regional advantages in terms of quantity and quality.

Orient Securities believes that in 2012, the company was located in the "management year". Through the "hundred franchisees" and other projects, the extension of the shop was synchronized with the quality improvement of the single store.

On the one hand, the average area of the new store is from 100 square meters in 2010 to 140-150 square meters in 2011, and then to 200 square meters in 2012. On the other hand, the company itself is also under the background of the unclear external environment, strengthening internal control, team running in and supply chain management, laying a solid foundation for the steady growth of 3 years or even longer.

In general, the search is mainly based on brand building and promotion, product design and R & D, marketing network construction and supply chain management, with the business mode of joining and direct integration, production and logistics outsourcing, and engaging in the design and sales of "fashion front" brand youth casual wear products. The products cover women's clothing and men's clothing, and are divided into 10 categories, namely T-shirts, shirts, sweaters, casual clothes, etc., and the consumers are mainly aged 16-29 years old.

Liu Hui, an analyst at qengyi securities, believes that at present, he is mainly engaged in the design and sales of the "front line" brand, the product positioning youth casual wear, and the three or four line market in East China and Southern China.

Although the brand power of the "tidal front" is not comparable to that of the US, Semir, and YISHION, the price of its products is about 100 yuan, which is lower than the average price of the United States by 15%-20%.

In the past five years, the consumption capacity of the three or four tier cities has gradually increased.

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Since its establishment, the company has been focusing on domestic youth.

The three or four type of market, taking the "popular fashion" as the brand positioning, pioneered the concept of "fashion to the countryside" in the industry. It is committed to putting the fashionable and fashionable, diversified styles, high-quality and cheap youth casual clothes into three or four categories of market, so that the general consumers can enjoy the cheap fashion clothes.

The company's brand has now become the leading brand of three or four categories of domestic casual wear products.

The main reason for the good performance in the first half of the year is that the company continues to expand sales channels and build up its strength. Since 2012, the new franchisee has been required to achieve more than 200 square meters in principle, while encouraging franchisees to open multi storey shops to the "air development".

The company will continue to support franchisees to open large stores and open stores through various measures such as granting credit lines, delivery frames, lighting fixtures, subsidies and decoration, management training and so on. The company has made continuous progress in its internal management, brand promotion and product R & D design, and has further expanded its brand influence. The number, area and quality of terminal stores have been steadily improved, which supports the steady and rapid growth of the company's business performance.

In addition, in the semi annual report, the company also announced the performance of the 1-9 menstrual period in 2012: the net profit of the listed companies increased by 40%-70%, corresponding to the net profit of 111 million yuan in 2011, and the profit interval of 1-9 months in 2012 was 155 million yuan to 189 million yuan in 2011.

American Apparel: slowdown in channel growth and decline in inventories

In August 27th, Shanghai Metersbonwe apparel Limited by Share Ltd released the 2012 semi annual report.

The report shows that in the first half of 2012, the company achieved operating income of 4 billion 600 million yuan, an increase of 21.21% over the same period last year, operating profit of 528 million yuan, an increase of 16.59% over the previous year, and a net profit of 432 million yuan for the parent company's owner, an increase of 14.83% over the same period last year, and a basic earnings per share of 0.43 yuan.

It can be seen that in the preceding period, the "big store mode" was criticized and criticized.

Under pressure, Mei Bang clothing still delivered a good "report card" in the first half of this year.

The report said that in the first half of 2012, the major developed economies in the world were weak in growth, and the downward pressure on China's economy increased. The consumer market continued to be depressed by the economic environment.

The company's management focused on the annual business objectives of the board of directors, and took various measures to actively explore the market. During the reporting period, 346 new stores were added, with an area of 47 thousand square meters, including 192 new outlets and 154 new stores.

At the same time, the quality of the company continued to change, the asset liability ratio declined steadily, and the operating net cash flow increased significantly, from -5.5 billion in the same period last year to 1 billion 700 million yuan in the current period.

In terms of channels, as of June 30, 2012, the United States has 5139 stores, including 192 new stores to 1322 stores, and 154 new stores to 3817 stores. The new stores are mainly stores and MooMoo brand stores, with an average area of 136 square meters.

Northeast Securities Analysis of this analysis, the company's direct business accounted for further improvement, the first half of its direct business and affiliate business respectively achieved revenue of 2 billion 317 million yuan and 2 billion 244 million yuan, the growth rate was 22.15% and 19.84% respectively.

The company's direct revenue increased by 0.5 percentage points to 50.8% over the same period last year. This is mainly due to the company's expansion and business capacity of Direct stores in recent years. The company will maintain a balanced development of direct sales and franchisees in the future.

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BOC believes that as the terminal operating costs continue to rise, the United States apparel channel strategy has gradually shifted to small shops and boutiques. In the first half of the year, the stores and business areas increased by 7% and 5% respectively compared with the end of 11, and the speed of extension and expansion slowed down.

American Apparel is a leading enterprise in China's youth casual wear industry. After years of exploration, the company has accumulated strong experience in direct management and multi brand operation.

CIC securities analysis shows that the development plan of the United States apparel channel in the channel is 5139, the base is larger, the growth of the channel will slow down in the future, and the promotion of single store will be a more important growth point. At the same time, the company will pay attention to the promotion of the single store effect. This will be a long-term effort process. First, we should pay attention to the classified management of the stores, and form four kinds of standard shops according to the regional and commercial circles, carry out differentiated commodity planning and supply chain support; two, speed up the turnover of the supply chain, and enhance the ability to catch up and replenish the goods in the season.

For the inventory problem, which has attracted much attention from abroad, Smith Barney's clothing inventory dropped by 31.52% compared with the beginning of the year.

Since 2011, the scale and structure of the company's inventory has been decreasing and optimizing, and the balance of storage and sales has been balanced. As at the end of June, the balance of the stock of the company decreased by 810 million yuan to 17.5 billion yuan compared with the end of 2011, which was 31.52% lower than the beginning of the year, and 24.35% lower than the end of the first quarter. The main reason is that the company continues to adopt a positive strategy to digest the stock products, relying on the improvement of the terminal service management ability, and the implementation of the marketing strategy is very effective. At the same time, the scale of production procurement is continued to moderate, thus reducing the inventory level.

As terminal goes inventory, the inventory problem that has plagued the company has been improved.

Orient Securities believes that the United States and apparel business has passed the most difficult period, and the probability of future improvement is greater.

Orient Securities expects that the leisure wear industry will gradually return to a more healthy and reasonable growth rate in 2013. The company still has strong competitiveness in the two or three tier cities in China. It is expected that the whole brand series will show a wider, richer and more distinct gradient structure in 2012, and the development space will not be further expanded.

Mei Bang apparel said that the company's public leisure apparel industry is affected by the economic environment and consumer demand. If economic growth continues to slow down or stagnate, consumer consumption and consumption will continue to decline, which will adversely affect the future development of the company. At the same time, international brands will compete and enter the two or three tier cities with their brand advantages and rich fashion design and advanced management experience. Overall, the market competition will continue to intensify, which will challenge the company's future business development.

To this end, the company will constantly improve the overall competitiveness of products, terminal retail management capabilities and internal management level, through the comprehensive competitiveness of enterprises to enhance market influence and brand influence, to ensure that the future development strategy and business objectives.

Semir clothing: poor performance does not hinder its brand value.

Compared with the United States and costumes, Zhejiang Semir clothing Limited by Share Ltd 2012 semi annual report seems to be less prominent.

During the reporting period, Semir apparel's first half year business income fell 16.54% to 2 billion 511 million yuan compared with the same period last year, operating profit dropped 43.41% to 338 million yuan, and net profit attributable to the parent company fell 43.22% to 248 million yuan, corresponding to 0.37 yuan per share.

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In the two quarter, income fell further, casual wear was poor, and children's clothing also showed negative growth.

With the continuing downturn in the clothing sales terminal, and the double impact of foreign brands and electricity providers in the youth casual wear industry, the company's two quarter business income decreased by 17.3% compared with the same period last year, which has been aggravated by the decline in the first quarter.

In the first half of the year, the company's main brand Semir income dropped by 19.9% compared to the same period last year, while the company's children's wear brand balbala showed relatively stable performance, but its income also decreased by 4% compared with the same period last year, accounting for a 3.7 percentage point increase to 28.9%.

As for the decline of performance, Semir clothing believes that the main reasons are: the slow growth of clothing demand, the rapid development of international clothing brand and the new brand of domestic clothing, the increase of market revenue, the increase of company's stock price, the increase of the company's stock price, the increase of the terminal price and the increase of labor cost, and the increase of the company's operating cost. The company has strengthened the construction of the marketing network, especially increased the strength of the direct business of the core business circle, and invested more funds in product research and development, marketing network and industrial park construction, and brand promotion.

The benefits of the above investment can not be effectively reflected in the short term, resulting in an increase in operating costs and a decline in short-term profits.

Galaxy Securities believes that sales, management fees and asset impairment losses increase is an important reason for net profit decline far greater than the decline in revenue.

In the first half of this year, the rate of sales expenses and management expenses were 19% and 4.3% respectively, compared with 12.2% and 2.8% in the same period last year.

Asset impairment losses increased by 197.3% over the same period last year.

Although the financial revenue increased from 15 million 60 thousand last year to 77 million 390 thousand in the first half of this year, the decline in net profit is still far greater than income.

The increase in sales costs is due to the continuous increase in the construction of the marketing network after the listing, especially the core cities, and has invested more capital in product research and development, marketing network and industrial park construction, brand promotion and so on.

CICC said that the backlog problem of Semir's clothing stocks was aggravated.

In the first half of the year, the terminal sales situation is not good, and the pressure of channel inventory is large, which makes the delivery growth slower than the order growth rate.

The company's stock grew by 27.9% at the beginning of the period, and the turnover days increased by 62 days.

The increase in inventories led to a provision of up to 100 million yuan in the first half of the year.

Development trend clear inventory has become the primary task of Semir clothing. The inventory channels of discount stores, factory stores and electricity providers have been fully launched. Gross profit margins will be under pressure in the next 1-2 years, and revenue growth will probably pick up in the four quarter.

Product development, terminal refinement management and supply chain improvement are a relatively long term process.

In the second half of the year, Semir clothing will take measures to deal with the market challenges according to the market environment changes: optimize the organizational structure, streamline the management process, reasonably control the expenses and reduce the operating costs, open discount stores and factory stores, increase the sales of e-commerce products, speed up the processing of the company's inventory products, strengthen the brand publicity and product research and development, and enrich the product styles and categories according to the changing market demand, and enhance the competitiveness of products. In addition, it will increase the support for agents, strengthen cooperation with agents, finely train the end sales personnel, improve the terminal retail capacity of the company, enhance the efficiency of the terminal, and enhance the sales performance of the company.

Although Semir's performance in the first half of this year is not satisfactory, it does not hinder its brand value.

It is understood that in mid August, Hurun Research Institute released the "2012 Hurun brand list" in Shanghai. As the Wenzhou brand, "Semir" ranked sixty-fifth on the list of 6 billion 200 million yuan brand value, and ranked twentieth among the most valuable private brand list in China, and became the first value brand of Wenzhou.

The list is ranked according to the brand value of the 100 most valuable brands in China, of which 39 private brands are among the 100 most valuable brands in China.

In addition, at the same time, "2012 clothing brand value list" and "Semir" ranked second.