Seven Wolves: 4 Quarter Growth Continued To Fall, Pressure Is Expected To Increase In 2013.

< p > growth rate continued to decline in the fourth quarter of 2012, and the receivables and inventory situation improved. 2012 companies achieved operating income of 3 billion 480 million yuan, an increase of 19.05% over the previous year, and the main business revenue grew by about 25%, representing an increase of 5 points over the same period in 2011. Net profit attributable to shareholders of listed companies was 560 million yuan, an increase of about 36% over the same period, which is at the low end of the previous company's expected range. The gross profit margin was 45.5%, which was about 4 points higher than in 2010 and 2011. < /p >
< p > sales and management expenses decreased slightly compared with the same period last year. In the 3 quarter, inventories and receivables increased significantly, and by the end of the year, two indicators had improved significantly. Some of the inventory was processed through the electricity supplier. In 2012, the electricity business revenue reached about 180 million yuan, an increase of over 70% over the same period last year, mainly related to the processing of the company's inventory products. In addition, 7 new factory stores focused on inventory disposal. < /p >
< p > 2012, the speed of channel expansion declined significantly. In 2012, the total number of net shops increased by about 31, and the total number of shops at the end of the year was 4007. Reflect the downturn in the industry focus from the new store transfer to the old shop rectification, but also reflects the rise in labor costs rents and more discount in the background of the dealer confidence and enthusiasm has been greatly affected, the growth rate of the channel is expected to remain low in 2013, and if the company increased support for channel providers, will further affect the profits in 2013 and 2014. < /p >
< p > the company seeks to enhance the control and control of terminal channels. The company actively promotes the proportion of Direct stores and large stores. Although the number of shops grew slowly in 2012, the total sales area increased by about 30 thousand square meters. Actively improving the control and control capabilities of terminal channels, accelerating the transformation from "wholesale" to "retail", and carrying out a series of channel adjustment in 2012, strengthening the implementation of the three party agreement between the company and its agents and some distributors, implementing credit, rebate, subsidy and replacement directly to some distributors, enhancing the distribution management ability of agents, and supporting potential agents and distributors to grow and expand. However, under the background of the slowdown in the growth of men's clothing consumption, the company is facing pressure in terms of channel expansion and sales growth in the same store. The emergence of reform results will take time. < /p >
< p > 2013 is expected to increase the risk of performance pressure, because the company adopts the channel mode of joining, so the impact of terminal weakness in 2012 will be concentrated in 2013. < /p >