Textile Industry Efficiency Declined, Inventories Grew Less Than Two Years 56%

At the national textile industry quality conference in November 8th, Gao Yong, vice president of China Textile Industry Federation, introduced the operation of the textile industry in the first three quarters of this year.

Efficiency has declined significantly.

Inventories increased by 56% in less than two years.

The sharp decline of net profit is not corresponding to the high inventory of the company. Although the heavy responsibility of stock went to the top of every big enterprise in the year, the effect is not obvious from the current data.

The two giants of casual wear, Semir and Smith Barney, were trapped in high inventory. Although the two quarters of the three quarter's operating income fell sharply, the stock went up all the way.

Semir costumes (002563).

SZ) operating profit in the first three quarters decreased by 46 compared to the same period last year.

6%, operating profit is only 5.

7 billion 800 million yuan, but the inventory was totally undigested and remained above 1 billion 400 million.

In contrast, from the earnings report, the inventory of Smith Barney clothing was 29 from a year ago.

8 billion 200 million yuan to 21.

9 billion 900 million yuan.

The inventory of the entire garment and textile industry is currently 34 billion 700 million yuan, up 7% from 2011.

From a longer cycle, the inventory problem of clothing and textiles has been accumulating for a long time. As the number of listed companies gradually increases, we use the average data of each company's inventory, and we can see that the average stock of the listed companies in the industry has been on the rise since the first quarter of 2010, from 3 in 2010 to an average in two years.

6 billion 300 million inventories rose to 5.

6 billion 900 million, in less than two years, it has increased by 56%.

The inventory of the cashmere industry, which has been criticized for disease, was 9 from early 2010.

7 billion 900 million yuan surged to 25 in the three quarter of 2012.

1 billion 200 million.

Although the company's net profit grew rapidly in the same period, the high debt ratio and high inventory backlog still kept many risks for the company.

Morima Mikuni, a veteran casual wear: defeated

The old casual clothes here mainly refer to.

And Mei Bang dress, the two largest two casual wear companies.

Whether in 2008, the US bond apparel listed in Waterloo or the new Semir listed in 2011, they all met with their achievements. The US bond semi annual report achieved a 21% revenue growth and a 39% year-on-year decline in inventory performance.

However, the three quarter revenue growth declined significantly, and returned to 2 billion 200 million of the high inventory level.

Semir's growth in the first three quarters of the year is still negative, but its decline has slowed down.

The good performance Pathfinder business income growth rate continued to slow down, but still maintained a high growth rate of 45% in the first three quarters, with a higher year-on-year growth in inventories, partly due to a smaller base.

This is also related to the change of the consumption concept of the 80 90% of the casual clothes. On the one hand, it is hit by online shopping, and on the other hand, it is impacted by the international fast fashion.

However, the search for the three or four line of search at special is currently relatively small impact on these two aspects, and the performance is still maintained high growth.

Men's wear: revenue growth begins to decline

Men's clothing is the best performing sub section of China Daily, with faster revenue growth, higher cost and better inventory control.

Clothing industry can maintain the current gross interest rate is also dependent on the men's wear part of the lift up.

The newly listed card Nu Di road is eye-catching, and men's overall performance is better than that of the industry.

Three quarterly reports can still reflect the growth of men's clothing and inventory increase.

Seven wolves, nine Mu Wang revenue growth slowed significantly, in the single quarter, seven wolves business income growth rate from the first quarter of this year, 26.

22% gradually declined to 13 in the three quarter.

43%.

Nine herd kings were 22 from the beginning of the year.

58% down to 15.

82%, the year-on-year growth rate dropped significantly.

Gross profit margin continued to grow year-on-year, but the growth rate has declined in the third quarter, and the sales cost rate has increased over the same period year-on-year. Inventory rose significantly over the same period, with a year-on-year growth of more than 50%.

Although the company is expanding sales,

Growth is faster than revenue growth.

Women's clothing part, the three quarter revenue growth rate of the group also slowed down compared with the first half of the year, the gross profit margin in the three quarter also increased, but the inventory and accounts receivable increased too fast.