Morima Mikuni'S Performance Is Narrowing And Closing.

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< p > noon yesterday, Semir's a target= "_blank" href= "http://www.91se91.com/" > dress < /a > (hereinafter referred to as "Semir") disclosed the 2013 annual performance bulletin. Semir reversed the unfavorable situation of last year's revenue and net profit both declining, achieving a revenue of 7 billion 340 million yuan, an increase of 3.92% compared to the same year, and realized net profit attributable to shareholders of listed companies nearly 910 million yuan, an increase of 19.12% over the same period last year.

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Unlike P, Semir's competitive Metersbonwe is still not good.

Publicly available data showed that Metersbonwe achieved a revenue of 5 billion 760 million yuan in the first three quarters of 2013, down 19.9% from the same period last year.

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< p > 2012 is the "cold winter" of manufacturing industry in China, namely "a target=" _blank "href=" http://www.91se91.com/ "clothing" /a ": orders decline, inventory backlog, physical store performance is weak, meanwhile, online clothing retail blowout.

In 2012, Semir achieved a revenue of 7 billion 63 million yuan and a net profit of 760 million yuan, down 8.98% and 37.81%, respectively, compared with 2011. This is the first time that the company has suffered negative growth since 2009.

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< p > Semir said that in 2013, its revenue and net profit returned to double growth, mainly due to the significant effect of de stocking, and the gross profit margin increased significantly.

At the same time, the company also increased revenue through channel reform, and closed down non-profit stores to reduce operating costs.

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< p > despite the lack of more specific data at present, Semir shares rose 1.39% on the day of the announcement of the results, and reported a 29.18 yuan gain.

Galaxy Securities released research report, emphasizing its recommendation rating.

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< p > Semir has two brands: "Semir" and "balbala" for children 16~30 years old.

Leisure a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > service industry analyst Ma Gang believes that the improvement of Semir's performance is mainly benefited from the latter. "Barbara is a leader in the field of children's wear in China, and has absolute advantage, which provides Semir with protection."

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< p > 2012, Metersbonwe's total revenue is 9 billion 500 million yuan. If we calculate the decline in the first three quarters of this year, we expect total revenue in 2013 to be around 7 billion 700 million.

This figure is only 400 million more than that of Semir.

However, in 2011 and 2012, Metersbonwe exceeded Semir's 2 billion 160 million yuan and 2 billion 437 million yuan respectively.

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< p > the gap between Semir and Metersbonwe is shrinking. CIC light industry researcher Zhu Qinghua believes that this is because the latter is in the pition period of business strategy.

He told reporters that in recent years, the weakness of consumption led Metersbonwe to stop its expansion in 2013, instead of internal pformation. "This is a process of accumulating customer loyalty and it is very difficult to achieve results in the short term."

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< p > the impact of brands such as H&M, ZARA and a href= "http://www.91se91.com/" > fast fashion "/a" should not be underestimated.

According to Ma Gang analysis, most of Metersbonwe's stores are located in a second tier city, which is the front battleground against fast fashion, while Semir stores are mostly open to prefecture level cities and counties, effectively avoiding the impact of foreign brands.

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< p > Ma Gang pointed out that channel structure is also an important factor affecting the performance of garment enterprises. "Semir's income mainly comes from franchised stores, so it is very easy to clean up inventory. Metersbonwe has both franchised stores and self owned stores. In terms of discount and inventory control, we should take into account the interests of franchisees and self-stores, which is not conducive to cleaning up inventory."

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In 2013 P, Metersbonwe, which had experienced a continuous decline, chose a strategic pformation. The learning benchmark was shifted from H&M and ZARA to UNIQLO, including the operation of O2O, the formation of a store leading business mechanism, and the compression of supplier size.

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< p > however, Ma Gang believes that Metersbonwe's "academic record" is not too good, the crux of the problem is mainly in the commodity itself: "first of all, the positioning of the commodity itself is narrower, not like UNIQLO, both young people like clothing, middle-aged people also have choices; secondly, there is still a big gap in Metersbonwe's influence on the brand."

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