Apparel Companies Net Cash Flow In The First Half Fell 36%

From the performance of clothing companies in the first half of this year, there is no sign of recovery in consumption. Statistics show that although the total revenue of 37 garment listed companies increased by 11% in the first half of this year, net profit declined, inventory remained high, and operating cash flow decreased by 36% compared with the same period.

In the last two years, clothing The company's stock has been criticized. Last year, it was due to the rapid growth of inventory. The market was pessimistic about the growth expectations of the clothing companies. In the first half of this year, it remained unchanged, with inventories of 45 billion 100 million yuan, up 2.27% over the same period last year. If YOUNGOR was removed, YOUNGOR's annual inventory of 23 billion 667 million yuan, the vast majority of land, grew by 5.57%. Despite the American Apparel and Semir Clothes & Accessories Inventories declined, but 27 companies such as Pathfinder, 100 yuan pants, fuanna and Saturday increased year by year, accounting for 73%. This also shows that many companies' inventory clearance efforts have not been effective. In the overall downturn of consumption, it is not easy to go inventory.

Many listed companies have prepared their prices for inventories. Seven wolves in the first half of 2013, the inventory was 662 million yuan, the provision for inventory depreciation was set at 201 million yuan, and the bird in the first half of 2013 was 963 million yuan, the company's provision for inventory depreciation was 97 million 164 thousand and 100 yuan.

Compared with inventory, the cash flow index of operating activities is even more unsightly. The 37 apparel listed companies have achieved a net operating cash inflow of 2 billion 320 million yuan, down 36% from the same period last year. The decline is more obvious. Wedding bird In search of special, inter China group, Pathfinder, etc. In the first half of last year, the cash flow of net cash inflow was 99 million 820 thousand yuan, and the net outflow was 303 million yuan in the middle of this year. However, Semir clothing has greatly changed from a net outflow of 111 million yuan to a net inflow of 478 million yuan. Last year, 15 companies operating cash flow negative, this year increased to 17.

37 garment companies listed in the first half of the year achieved net profit of 3 billion 994 million yuan, down 3% from the same period last year, with only 2 losses. Taking into account the first half operating income of 49 billion 838 million yuan, an increase of 11% over the same period, we can see that the profitability of clothing listed companies is still declining. If the reference of operating cash flow is much lower than net profit, we can see that the quality of related enterprises' net profit is not high.

From the perspective of the turnover of listed companies, the consumption downturn is still continuing. From the perspective of inventory and cash flow, it is still necessary for apparel listed companies to stabilize and stabilize.