Jinjiang'S Sports Brand Can Not Be Equated To Inventory And Recovery.

< p > following the announcement of the annual report of 360 degrees (01361, HK) in March 17th, < a href= "http://www.91se91.com/news/index_p.asp > > Jinjiang < /a >" sports brand listed companies in Hong Kong have been released in 2013 and their overall performance has all declined.

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< p > for this, a former executive of the Jinjiang department pointed out to reporters that "the adjustment is still not in place. At present, closing stores is still the main way to clear stocks."

The volume of each company is still too large, and it is expected that this year's performance will still be difficult to improve. "

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< p > < strong > > the annual report of "Jinjiang Department" has all declined, < /strong > /p >

< p > the latest 31st annual report shows that the turnover decreased by 27.6% to 3 billion 580 million yuan last year, and net profit dropped to 211 million yuan, a sharp decrease of 70% compared with the same period last year.

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< p > Anta sports (02020, HK) reported in 2013, a number of data, including turnover, still showed a year-on-year decline.

Among them, turnover and net profit were 7 billion 281 million yuan and 1 billion 315 million yuan respectively, down 4.5% and 3.2% compared with the same period last year.

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< p > XTEP International (01368, HK) realized revenue of 4 billion 340 million yuan in 2013 and net profit of 606 million yuan, down 21.7% and 25.2% respectively compared with the same period last year.

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< p > PEAK sports (01968, HK) operating income last year was 2 billion 613 million yuan, down 10% compared with the same period last year; net profit was 244 million yuan, down 21.3% compared with the same period last year.

Wind data showed that last year's revenue and net profit reached the lowest level since 2009.

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< p > the reasons for the decline of performance are different. XTEP International believes that the main reason is that the group controls the sales orders within the year to cope with the industry problems such as overstock of retail channels and excessive expansion of the market.

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< p > a href= "http://www.91se91.com" > PEAK < /a > is attributed to the continuous and extensive inventory clearing activities in the first half of 2013 and the negative impact of the weak economic conditions on the demand for new products during the year.

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The explanation given by < p > 31 degree is that the company has reduced the quantity of orders last year. In the second half of the year, the impairment loss was recorded for overdue accounts receivable, and the increase of production cost and other factors all affected the business performance.

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At the same time, the current situation of the closure of stores by P has not changed.

At the end of last year, the total number of retail outlets was 7360, which was 150 less than in 2012, according to XTEP international report.

Average inventory turnover increased by 9 days to 79 days per year.

The debt ratio increased from 16.1% in 2012 to 20.9%.

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< p > PEAK annual report shows that domestic retail outlets have decreased by 471 year-round, and the number of retail outlets has been reduced from 6483 at the end of 2012 to 6012 at the end of 2013.

The retail sales of "a" target= "_blank" href= "http://www.91se91.com/" > clothing > /a > retail stores decreased from 8082 in 2012 to 7299, closing 783.

Anta's annual report showed that by the end of 2013, Anta had closed 318 stores.

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< p > this calculation, "Jinjiang Department" closed 1722 stores last year, nearly 5 stores a day.

As we all know, closing stores with poor management benefits is ultimately aimed at coordinating inventory clearance and recovering some of the losses.

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< p > < strong > inventory and recovery can not be drawn equal to < /strong > /p >

"In fact, the stock started to return to good health, but it can not be fully equated with the industry recovery," said Ma Gang, an independent critique of apparel industry P.

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For example, Anta, which has the best performance of P, has not yet solved the problem of overstock and sharp reduction in its sporting goods brand, which will bring instability to China's sporting goods industry in the short term.

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< p > data show that the brand was 689 million yuan in 2013, an increase of 687 million yuan compared to 2012, and the average turnover time of another index was 59 days in 2013, 8 days higher than that in 2012 51 days.

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< p > "the competition pattern of garment industry has changed from brand competition in the past to cross brand competition and cross channel competition.

Now, sports brand competitors are not only sports brands themselves, but also casual wear brands, or fast fashion brands, which is a trend of consumption under the surplus commodity economy.

Ma Gang pointed out.

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< p > "from the quagmire of inventory, it is just a comma. As the TPG team gave the diagnosis of < a href=" http://www.91se91.com > > Lining < /a > (the first step to inventory, the second step is to integrate supply chain, channel and marketing resources, and the third step is to pform the business mode), the recovery of Chinese sporting goods also needs several stages. This is like the traffic flow of red light queues, each enterprise has different location.

Ma Gang added.

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