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Domestic Sports Brands Are In Deep Danger Of Inventory Crisis, And The Road To Recovery Is Very Long.

2013/8/19 9:23:00 23

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six listed in Hong Kong > a href= "http://www.91se91.com/news/index_c.asp" > sports brand < /a >, only XTEP international, 31st degree.

China's trend has not yet released its interim results.

However, we can also see some industry clues.

With the deepening of the pformation of several major brand channels, the number of outlets has been greatly reduced.

Some encouraging signs, such as the growth of orders, gross margin and inventory turnover, are raising confidence for the market and enterprises.

"P." I am cautiously optimistic about the industry. I believe that in the first half of next year some brands will take the lead in getting out of the plight and some will sink down. "

CEO Zhang Qing, the key sports consulting company, said.

depth adjusted Chinese newspaper .

"domestic sports brand is still in the stage of deep adjustment, and now is a very critical time."

Zhang Qing said.

In August 6th, Anta announced interim results, net profit fell 18.7% to 626 million yuan, but the decline is lower than market expectations.

Since then, Lining released the China Daily reported that the net loss in the first half was 184 million yuan, compared with a profit of 44 million 290 thousand yuan in the same period last year.

Then, on the 13 day, PEAK's interim results announced a sharp reversal of net profit of 62.5% to 89 million 900 thousand yuan.

2011, < a href= "http://www.91se91.com/news/index_f.asp" > Anta < /a > with 8 billion 900 million yuan revenue approaching Lining's 8 billion 929 million yuan.

In the second half of this year, the industry faced serious inventory backlog and entered the downlink adjustment stage.

In 2012, Anta and Lining's revenue declined sharply, and Anta became the industry champion by 7 billion 620 million yuan. At that time, domestic sports brands were in a state of panic.

started in the second half of 2011 and has been extended to the present industry adjustment and self-help. The most important thing is to go stock.

The "channel revival plan" proposed by Lining at the end of 2012 belongs to this category.

"this solves the problem of" eyes "and allows dealers to clean up inventory before making redundant funds.

Zhang Qing said.

At the same time, there are also channels Transformation: from wholesale mode to retail mode, which involves the whole supply chain adjustment, including raw material storage, order production, order meeting mode, logistics distribution and so on, in order to improve the brand's response speed to the market.

"P >" channel pformation takes 2-3 years, and the first half of 2014 can be observed.

The pformation of some brands is beginning to bear fruit. "

Zhang Qing thinks.

We can see the depth of industry adjustment from closing the number of stores.

In the first half of the year, Lining, Anta, PEAK, and 31st degree stores closed 410 stores, 241, 289 and 601 stores respectively, of which 360 degrees had opened 325 new stores.

2012, the number of "a href=" http://www.91se91.com/news/index_f.asp "> Lining < /a" and "PEAK" were 1821 and 1323 respectively.

"open the shop, close the shop."

Jin Zhenjun, executive vice chairman of Lining's board of directors, said that a large number of shops had been shut down, so the pace of closing stores will slow down.

He stressed that the growth of shops will not be blindly pursued, nor is the goal of setting down shop.

"From the original passive expansion caused by the passive shop, dealers now consciously take the initiative to adjust, a large area has been closed shop, the future closing shop will be slowed down, a small margin."

Zhang Qing said.

signs of recovery > /strong > /p >

there are some encouraging signs of deep adjustment in the whole industry, including orders growth, which is worth looking forward to.

As well as the Anta daily, there was a year-on-year increase in the order volume in the first quarter of 2014. This is the first time that orders have been growing steadily since the three quarter of 2012.

data show that the order volume of Anta 2012 orders will be a high percentage decline in unit number. In the first three quarters of 2013, the order volume decreased by 20%-30%, 15%-25% and 10%-20% respectively.

The decline in orders is narrowing and eventually showing positive growth, reflecting the confidence of channel dealers.

Ding Shizhong, chairman and chief executive officer of Anta's board of directors, said that the main driving force came from the past efforts to inventory, optimize products and stores, and implement a series of retail changes, so that dealers and franchisees' confidence will rise again. P

He admitted that the goal in the second half of the year was better than the first half.

"only when we see that the channel pformation is effective, can dealers' confidence be reflected in the order quantity; and now several major sports brands are in moderate control of order volume."

Zhang Qing said.

Lining's "good news" came from the same period last year, rising from 43.2% to 43.6% over the same period last year, up 0.4 percentage points from the same period last year.

the reason is that the performance of new products has been significantly improved and the gross profit margin has been improved.

At the same time, a large number of old products are cleaned up, and the corresponding inventory provision is returned with the clearance of old products.

in addition, in the first half of the year, the average turnover period of Lining channel inventory dropped from less than 9 months to 7 months below the normal level, and total inventory dropped by more than 30%.

In the first half of this year, more than 90% of the dealers were involved in the channel revival plan, and the average turnover period of the channel inventory dropped significantly from 9 months to 7 months, the Lining Daily said.

J.P. Morgan reports that Lining's inventory of channels has been less than seven months, close to the company's defined health level (6 months), and the channel structure has been healthier than before.

Jin Zhenjun expressed the belief that cash flow inventory will continue to improve, and that the second half of this year will be a period of profitability and optimization.

He also revealed that self sales accounted for 9% of the same store sales in the first half of this year, compared with those in the same industry.

long recovery road /p >

although the future of Anta, Lining and other brands can be expected, but for the domestic sports brand industry, the road to recovery remains to be seen.

Ding Shizhong said that for Anta, the worst time has passed, and is confident that it can become the first time to go out of the bottom of the company.

Jin Zhenjun said that in the second half of the year, Lining will no longer have negative cash flow problems, and large inventory problems will no longer exist.

The channel revival plan, which began at the end of 2012, has been completed by 50%. Lining has gone through the hardest part.

Deutsche Bank reported that Anta's first quarter orders resumed growth in 2014, reflecting that the market contraction may have ended. It is believed that the growth of Anta orders will continue, and the composite annual growth rate of five years is expected to reach 10%-12%.

Lining is expected to follow a similar rally and expects quarterly sales and year-on-year growth in the second half.

"now is better than expected, and signs of improvement are more obvious."

Zhang Qing said, "I am cautiously optimistic about the industry. I believe that in the first half of next year, some brands will take the lead in getting out of the predicament and others will sink."

It is impossible for the market to have so many sports brands.

Retail pformation has become a turning point in the industry. The stronger the stronger, the weaker is eliminated.

for the uneven development of the whole industry, for many enterprises that have not yet undergone pformation and pformation, their recovery is still long.