The First Tier Of Domestic Women'S Shoes Brand Faces "Survival Worries".

< p > female white-collar workers open up < a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > cabinet will find that they may have done more or less contribution to BELLE international, Daphne international, Saturday shoe industry and other listed companies.

Happiness is always the same but misfortune is different.

Nowadays, the top tier brands of domestic women's shoes also have their own survival troubles.

Even the powerful BELLE has stopped growing.

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< p > the largest retail shoe enterprise in China, BELLE international recently held a shareholders' meeting. The CEO of the company said after the meeting, the sales figures for April were not ideal due to the weather, but the performance in the second quarter was worse than that in the first quarter.

Even so, Sheng Bai Jiao also denied "BELLE's worst time has not yet passed", but there is no obvious improvement.

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< p > < strong > BELLE suffers from an analyst's decline. < /strong > < /p >

"P > BELLE international chief executive Sheng Bai Jiao said after the annual general meeting that sales were not good in April, mainly due to 20 days of rain, and 7 days of rain during the 9 day holiday.

But sales in May have improved since last month.

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< p > but he believes that the same quarter store sales performance in the second quarter is definitely not as good as the first quarter (sales of footwear same store growth by 4.5%). At present, efforts will be made to maintain the same store sales target this year, but this season will certainly not meet the target.

Even so, Sheng Bai pepper is still blowing up the company and denying it.

Sheng Bai Jiao did not think BELLE had the worst time yet. But it did not see a marked improvement. There was no expectation of a marked recovery in the second half of the year.

He said the company will continue to expand its store as planned.

The discount rate of the group is the same as last year, within normal limits.

Inventory is still at a normal level and is unchanged from last year.

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< p > in fact, in order to allow the market to digest the less desirable performance in advance, BELLE executives began issuing information to major investment banks before the shareholders' meeting. The sale of BELLE international will further slow down since 2013, and the two quarter's growth will be lower than that of the first quarter.

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< p > BELLE management said in a conference call that the relative weakness of the retail environment in April made sales even slower. The performance was disappointing. Although there was a slight recovery in May, the rate was not obvious.

In addition, in the first quarter, the growth rate of 11% same store growth was less than a target= "_blank" href= "http://www.91se91.com/" > dress < /a >, and the growth rate also narrowed in May.

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< p > Morgan Stanley issued a report that, in view of the higher overall base of comparison in the second quarter, I believe BELLE's performance in the same store will be relatively weak during the same period.

The bank has upgraded BELLE rating from "overweight" to "synchronizing with the big market", with a target price of 21% to 13.9 yuan.

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Less than P, UBS reduced BELLE's profit forecast by 6% and 9% in the next two years, and lowered its target price to 17% to HK $10.

In addition to defying the company's sales situation, Sheng Bai Jiao has to be busy to pacify minority shareholders.

From the first trading day in 2013, BELLE's share price fell more than 30%.

In January 2nd, BELLE's shares closed at HK $17.36.

A few days ago, the day before the shareholders' meeting, BELLE's shares fell to HK $11.76, a record low.

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< p > so, there are naturally small shareholders sitting like a toothache.

According to relevant media reports, on the day of the shareholders' meeting, an elderly couple complained outside the BELLE shareholders' meeting. They said they had bought tens of thousands of shares of BELLE recently and lost more than HK $10 million on the books.

The couple first discovered that they were not allowed to participate in the shareholders' meeting because they were not registered, even though they could not participate in communication.

It is rare to have a chance to appeal to the top of the company, but the old couple can only sigh at the door.

However, after the shareholders' meeting in May 28th, BELLE shares rebounded.

Intraday rose more than 5%, and eventually closed at HK $12.32, up 4.76% from the previous trading day.

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< p > the share price is like a roller coaster trend. The chief executive and executive director of the company is unable to help and can only sigh with regret: "the stock price is hard to grasp."

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< p > February 21st this year, BELLE international issued a profit warning that the company's profit in 2012 was close to the lower end of the market forecast.

On the same day, the stock price fell sharply, dropping 16.77% to HK $15.28 all day, and the turnover increased to HK $2 billion 66 million, which is nearly a year and a half high.

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During the period of less than P, BELLE also suffered the reduction of major shareholders.

HKEx data show that in April 3rd this year, Morgan, the main shareholder of BELLE international, reduced 5 million 444 thousand and 500 holdings of the company's good positions and cash 68 million 219 thousand and 585 Hong Kong dollars. The average paction price was HK $12.53, and the highest paction price was HK $12.59.

After the change, 587 million 316 thousand and 276 shares were held and the shareholding ratio was 6.96%.

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Less than P, BELLE international, a stock investor, is a company whose share price has fallen by more than 25% so far.

Sheng Bai Chi, one of the shareholders of the company, admitted that BELLE is doing a good job in the long term development and may have a negative impact on its performance in the near future.

He stressed that the performance of stock prices would not be affected, and that the purpose was to consider the healthy development of the company.

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< p > < strong > no increase in profit on Saturday, < /strong > /p >

< p > success is always similar, but trouble is different.

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Less than p days ago, the 2012 annual report released by the footwear industry on Saturday showed that operating income was 1 billion 570 million yuan, up 16.4% over the reporting period, operating profit of 78 million 172 thousand yuan, a decrease of 45.3% compared with the same period last year, and net profit attributable to parent company 55 million 834 thousand yuan, a decrease of 43.85% over the same period.

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The P annual report of the footwear industry showed that from 2008 to 2012, the company's stock grew by 3.44 times, according to a study released by the first venture securities, < < p >.

But the company is trying to cover up this phenomenon, which is often interpreted as the growth in the number of self run stores, the storage of new stores to be opened, and the increase in stocking of online sales.

In fact, the company's business income increased only 2 times in the five years of 2008 in 2012.

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The P annual report also reflects the impact of the latest acquisition on Saturday, a sharp decline in stores and an increase in inventories.

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On July 2012, P signed a share purchase agreement with heppu Shoe Co., Ltd. on Saturday, buying 80% of heap's shoes with a purchase price of 264 million yuan.

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< p > relevant information shows that heipo shoes are wholly foreign-owned enterprises with registered capital of 17 million 250 thousand US dollars, and the company shareholders (sponsors) are a company registered in the British Virgin Islands in 2006.

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< p > according to the resolution of the board of directors disclosed on Saturday, the main brand of heap Tianjin was d:fuse, which entered China in 2006, and now there are 206 stores in the country.

At the same time, by Tianjian accounting firm audit, Hepu shoes 2011 and up to March 31, 2012 respectively realized the main business income of 153 million yuan and 42 million 144 thousand and 500 yuan, and realized net profit of 10 million 168 thousand and 300 yuan and 1 million 240 thousand yuan respectively.

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< p > what is worth mentioning is that when buying heppu shoes on Saturday, the net assets of heap shoes are 104 million yuan. The net assets assessed by the asset based approach are 111 million yuan and the value-added rate is 7.21%. According to the present value method of income, the total investment value of Hepu shoe shareholders is 333 million yuan, and the appreciation rate is 2.2 times higher.

On the final Saturday, the latter was selected as the assessment result, and the shares were acquired at 264 million of the price.

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What did P bring to? Saturday's 2012 annual report shows that during the Saturday reporting period, heppo shoes received 196 self operated stores.

It is worth mentioning that during the acquisition, the number of domestic stores in Heppe shoes reached 206, which means that in the short term, Hepu shoes closed 10 stores.

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< p > annual report also shows that heppo shoes combined watch has achieved operating income of 39 million 829 thousand and 900 yuan in 2012, operating profit of 1 million 684 thousand and 300 yuan, and net profit of 2 million 485 thousand and 300 yuan.

Since the company was incorporated into the consolidated financial statements in November 2012, this means that the net profit of 2 million 485 thousand and 300 yuan was realized in November and December, and the average monthly net profit in the last two months is 1 million 242 thousand and 700 yuan.

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< p > due to the net profit of heppu shoes in the first quarter of 2012, 1 million 240 thousand yuan was realized. According to the above data, the net profit of the company could be less than 10 million yuan a year, compared with the net profit of 10 million 168 thousand and 300 yuan in 2011.

According to this growth rate, it will take more than 26 years to invest 264 million yuan on Saturday.

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At the same time, on Saturday, the amount of stock can not be underestimated. In 2012, the stock of heap's shoes was 102 million yuan. P

In the context of 1 billion yuan stock on Saturday, hep added 1/10, and future inventory digestion will become a big problem.

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< p > < strong > Daphne self operation affects profit < /strong > /p >

Less than P, Daphne had announced its annual earnings report at the end of August 2012.

Data show that the turnover of its own core brand in the mainland market has increased by 25%.

Unfortunately, Daphne has not been able to win.

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< p > August 2012, Daphne franchisees in several cities in the central region gathered in Shanghai Daphne headquarters to safeguard their rights.

Daphne also strongly replied that the future direction is mainly self operated channels.

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< p > is also confirmed in its annual report again.

In the Daphne annual report, it said that in 2012, the group closed 113 shops with poor management.

By the end of 2012, the proportion of direct shops in Daphne had risen to 85%, up 4 percentage points from the end of last year.

But Daphne's public relations staff said that in 2012, the move to the franchisee's "pain killer" should not happen again.

"Our main direction this year is to continue to develop direct stores, but we will still maintain the mode of affiliate stores. The ratio between Direct stores and franchisees is 8 to 2."

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< p > recently, Daphne released its first quarter 2013 earnings report.

The results showed that sales fell slightly in the first quarter.

In this regard, the industry said that the high growth last year led to a higher base, and more importantly, its "de franchising" in the second half of last year has begun to affect the operation in 2013.

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< p > data show that Daphne's net sales increased by 100 in the first quarter of this year, including 127 new stores and 27 closed stores. As of the end of March, there were 6469 core brand sales outlets.

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< p > and in its recently announced 2012 performance, the company achieved operating income of HK $10 billion 500 million in 2012, an increase of 22.8% over the same period last year, a net profit of HK $950 million, an increase of 2.4% compared with the same period last year, and the value of goods reached HK $2 billion 370 million in the stock market, up 15% over the same period last year.

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< p > in addition, the reporter noted that considering the weakness of department stores' overall performance, Daphne has integrated plans for its high-end "AEE love" and the "ALDO" brand with distribution rights.

The Daphne annual report revealed that "the group will integrate its own high-end brand" AEE love "," Ameda charm "and the international brand" AEROSOLES AEROSOLES "and" ALDO "sales network, which will reduce the sales point by 51.

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< p > industry analysis shows that the number of shops opened by BELLE and Daphne in 2012 is still increasing, but the main growth comes from private brand stores or self owned stores.

This shows that extensive chain expansion has changed in the past.

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