Bo Boli Performance Report Released: Last Year, The Overall Sales Increased By 8% To 2 Billion Pounds.

Like P, like the windbreaker of Burberry, the British luxury group is "rare".

It has hardly explained the mixed performance of last fiscal year (March), nor has it released its performance since this year.

< /p >

"P" Boboli announced in its performance report this Tuesday that overall sales increased by 8% to 2 billion pounds last year and operating profit increased by 14%.

Most of them are driven by the Asian market.

Sales in the Chinese market expanded by 1/5, now accounting for 13% of the group's total sales.

Indeed, the growth of same store sales in the Chinese market in the second half of last year increased by two digits compared with the same period last year, and the growth rate in the first half was single digit.

< /p >

< p > on profit margins, what we know is that the basic operating profit rate of retail and wholesale (except for franchised sales accounted for 6%, almost all of the revenues from these two components) rose by 70 basis points last year.

This is thanks to efforts to get closer to a more profitable retail business, which now accounts for 71% of the total sales, more than 50% Angela CEO Angela took over in 2007.

Gross margin is also partly supported by foreign exchange earnings and inventory management.

Excluding the new beauty department, inventories increased by only 7% after excluding exchange rate changes, while retail sales grew by 12%.

< /p >

< p > it all sounds good.

But this is a company that just issued a profit warning in September last year.

Therefore, more details are needed to explain the sharp fluctuations in the same store sales figures, which fell to only 1% in the second quarter of last year, and then gradually increased to 8%.

Boboli attributed it to China's replacement of a new leader and its crackdown on gift giving behavior, but when his peers were battered in the past 6 months, Bo Boli's sales performance is recovering.

< /p >

"P" Bobo Li's expected price earnings ratio is 20 times, 15 times higher than the same store sales growth at the end of September last year.

Hugo Hugo's expected price earnings ratio is 17 times, and Mulberry is 29 times that of Boss.

For a stock that can not be described as "cheap", such a valuation is very imaginative.

< /p >