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Domestic Women'S Shoes Market Is Facing Reshuffle "Four Swordsmen" Performance Growth Is Blocked

2014/6/17 11:46:00 24

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two enterprises appeared "double slide", the net profit of the 3 enterprises dropped sharply

capital market "a target=" _blank "href=" http://www.91se91.com/ "> textile > /a" a "target=" a "," shoes "," shoes "," shoes "," shoes "," shoes "," shoes "and" clothing ". Among them, there are 4 fashionable women shoes listed companies, namely BELLE international, Daphne international, 1000 degrees and Saturday, the first three are Hong Kong stocks, and Saturday is the only female shoe listed company.

BELLE international is well deserved "giant crocodile", its overall annual revenue scale is currently more than 43 billion yuan, and the annual scale of footwear business revenue is more than 26 billion yuan.

Daphne is also a "big guy" with an annual revenue scale of HK $10 billion.

The scale of the 100 billion and Saturday is relatively small, the annual sales scale is 1 billion 500 million yuan ~25 billion.

After P align= "justify", after 4 years of rapid expansion and rapid growth in performance, the growth of these women's shoes enterprises in 2013 was in a predicament.

Market competition intensified, revenue growth declined significantly or even negative growth, net profits fell sharply in 3 enterprises, slowed down in the opening of new stores, and large-scale closure of inefficient shops...

After sporting goods, popular youth leisure and men's wear, women's shoes have become another industry entering into shuffling and adjusting period.

< p align= "justify", according to the annual results of the 14 months of February 28, 2014, released by BELLE international in May 26th in the domestic market, the group's total revenue was 43 billion 67 million 200 thousand yuan, an increase of 10.06% over the same period last year. The operating profit was 6 billion 634 million yuan, up 4.12% over the same period last year; net profit was 5 billion 159 million yuan, a slight increase of about 0.97% over the same period last year; the gross profit margin was 57.1%, and the operating profit margin was 15.4%.

< p align= "justify", however, BELLE international footwear business revenue growth has slowed down significantly.

The income of its footwear products was 26 billion 392 million 300 thousand yuan during the period, up 5.04% from the 25 billion 125 million 300 thousand yuan at the end of February 2013.

Its footwear business and store sales increased by only 0.6%, of which the average paction price increased by more than 2%, and the sales volume declined slightly.

A slight decrease in sales in the same store is mainly due to the weak passenger flow and inadequate consumption intention in department stores.

BELLE international currently mainly includes footwear business and sports, < a target= "_blank" href= "http://www.91se91.com/" > dress > /a > two business.

Among them, the private brands of footwear business mainly include BELLE, Teenmix, Tata, Staccato, Basto, Jipi, Japa, Millie s, Joy &Peace, 15MINS, SKAP and 15MINS, etc.

In the 14 months ended February, the proportion of footwear business income in the group's total revenue was 61.3% (including 0.9% of the international trade business share, and the proportion was 64% in 2012).

During the period of < p align= "justify", the income of agency brand declined significantly when private brand income continued to increase slightly.

BELLE international footwear own brand revenue was 24 billion 19 million yuan, the growth rate was 6.8%, accounting for 55.7% of the group's total revenue (89.1% in 2012); agency brand income was 2 billion 4 million 100 thousand yuan, down 7.8% compared to the same period last year, accounting for 4.7% of the group's total income (8.9% in 2012).

Less than P align= "justify", it is especially necessary to point out that as the core business of BELLE international, its footwear business revenue growth has declined significantly since 2012.

Especially during the period, its growth rate dropped sharply from the two digit growth rate in the previous years to 5.04% of the single digit figure, and the growth rate slowed down obviously.

earnings data show that in, the growth rate of total revenue of the global revenue of the company was 20%, 22.1% and 13.5%, respectively. Among them, the core footwear business revenue growth was 24.9%, 26.5% and 13.6% respectively.

The situation of P align= "justify" and other 3 women's shoes listed companies is even more optimistic.

In addition to the positive growth in Saturday's revenue, Daphne international and the company's revenue, gross profit and net profit have declined to varying degrees, and Saturday's net profit has also declined sharply.

> the" Daphne "of mass female shoes, Daphne International's turnover in 2013 was HK $10 billion 446 million 500 thousand, a year-on-year decrease of 0.8%; gross profit was HK $5 billion 838 million 300 thousand, down 6.3% compared to the same period last year; net profit was HK $329 million 100 thousand, a sharp decline of 65.56%.

In fact, in 2012, Daphne international sales continued to grow rapidly.

In that year, its turnover increased by 22.8% to HK $10 billion 529 million 100 thousand, gross profit increased by 18.8% to HK $6 billion 228 million 800 thousand, net profit increased 2.4% to HK $955 million 700 thousand.

< p align= "justify". Its core brand business, Daphne and shoe cabinet (sales in 2013 accounted for 90% of total turnover) amounted to HK $9 billion 561 million 300 thousand, a slight decrease of 0.32% compared with HK $9 billion 591 million 900 thousand in 2012.

And due to the decline in sales, coupled with the relatively high base in 2012, the core business in the same store sales in 2013 showed a double-digit decline.

Besides P align= "justify", Daphne international also operates high-end brands, including its own brands and international brands with exclusive distribution rights, such as love, Step Higher, ALDO and Ernest.

2013, the turnover of these brands increased by 5.9% from HK $690 million 900 thousand in 2012 to HK $731 million 800 thousand, accounting for 7% of the total turnover of the group, which was unchanged from 2012.

However, its mid - and high-end brand portfolio is still in a state of loss because of its business restructuring, and its deficit has narrowed to HK $-8610 from HK $-1.276 billion in 2012.

"P align=" justify "to the first quarter of 2014, the overall sales situation of Daphne international still did not improve. In the first quarter, Daphne's same store sales growth rate was 9.5%.

P align= "justify", the same as Hong Kong stock, another female shoe enterprise, in 2013, total revenue was 2 billion 430 million yuan, a slight decrease of 0.1% compared with the same period last year, gross profit was 1 billion 507 million 700 thousand yuan, a decrease of 2.1% compared with the same period last year, operating profit fell 20.1% to 347 million 700 thousand yuan, and net profit dropped 26.2% to 231 million 300 thousand yuan.

Gross margin was 62%, down 1.3 percentage points from 63.3% in the same period last year.

In the same store sales, the same store sales in 2013 dropped by about 6.9% due to the severe market environment.

A shares the only female shoe listed company operating income on Saturday 2013 increased by 17.53% compared to the same period last year, reaching 1 billion 844 million yuan, but net profit dropped 39.07% to 34 million 21 thousand and 500 yuan.

> strong > a large number of inefficient shops were closed, and the speed of opening new stores slowed down significantly /p >

< p align= "justify", along with the slowdown of growth and negative growth in performance, the expansion speed of 4 women's shoes business stores in 2013 also slowed down significantly.

2010~2012, the net increase in the number of self operated retail outlets of BELLE international in the mainland is 1562, 1958 and 1820 respectively. The net increase in the number of sports apparel stores is 793, 1025 and 794 respectively. The total number of net added shops in each year is 2355, 2983, 2614, respectively. As of the end of each year, the total number of retail outlets is 12139, 15112, and 15112.

< p align= "justify", but as of the end of February 2014, the number of self retailing outlets of BELLE international footwear products in mainland China was 13252, of which 12134 were self owned retail outlets, and 1118 were self brand retail outlets.

The total number of stores was 19177, a net increase of 1613 compared with the end of 2012, and the net number of shops increased significantly.

Daphne international total number of stores increased by 966 to 6165 in 2011 and 716 in 2012.

But in the second half of 2013, it began a rigorous assessment of the entire store network and closed stores that did not perform well.

The core brand in the fourth quarter of 2013 significantly streamlined the store network, making the sales point net decrease of 50 year-round, including 17 closure in the third quarter and 245 in the fourth quarter, while the net sales increased by 767 in 2012.

At the end of the year, the number of its core brand retail outlets was 6319, including 5491 Direct stores and 828 franchised stores.

During the period of < p align= "justify", the number of sales points of other brands of Daphne international also decreased from 129 to 383 (512 in 2012).

By the end of 2013, the number of retail outlets in Daphne international was 6702, a net decrease of 179 over 2012.

In the first quarter of 2014, the number of Daphne sales outlets dropped by 53.

In 2013, P align= "justify" exceeded 156 stores, but 36 retail outlets were closed.

By the end of 2013, there were 2286 retail outlets, including 1712 self operated retail outlets and 574 retail agencies.

" 555 new stores were added on Saturday, 2012, of which 196 were purchased from Heppe shoes, 359 from newly opened stores, and 2351 by the end of 2012.

However, as of the end of 2013, the number of brand chain stores increased by only 12, to 2363, of which 1868 were self owned stores, the number was 1868 in 2013, and 495 in distribution stores, 12 more than in 2012.

< p align= "justify", in fact, shutting down inefficient stores and slowing down the expansion of new stores are the measures that brands can take to bear the brunt of the sluggish sales market.

But in the long run, as the retail outlets of every brand are becoming saturated, it is inevitable to start shop slowdown.

BELLE International believes that the group's "shoe shops network expansion progress basically returned to normal range."

BELLE International says that as a retailer, the company has always believed that opening stores needs to maintain a sound and reasonable speed.

It is difficult to get effective support in human resources and management resources due to the fast progress of opening stores, resulting in the low quality of new stores, and the original shops will also be affected.

Slow progress in opening stores will affect group brand's customer training and weaken long-term competitiveness.

BELLE international also said that in the next two or three years, it is desirable to maintain proper shop opening progress.

The opening space mainly comes from: the existing department stores increase the appropriate coverage of competitive brands, the active coverage of brand in shopping mall channels, and the further expansion of new brands.

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> strong > shopping center and electricity supplier double attack, labor costs rise rapidly, low profit margins /p >

justify > the result of not optimistic is obviously affected by many negative factors.

BELLE International said that the reasons for the obvious slowdown in the footwear business income of the group were mainly in four aspects: first, the weak growth of the same store sales; two, the slow down of the shop opening rate; three, the termination of the individual agent brand business, and the new proxy brand could not be completely replaced in the short term.

The four is the warm winter of 2013 and the relatively cold season in 2014. The seasonal products such as footwear and < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > have a great impact on the sales in the past two quarters.

The deeper reason for "P align=" justify is that with the gradual deepening of economic restructuring and slowing down of normal economic growth, consumer confidence continues to slump and consumer desire is not strong.

Moreover, the rapid evolution of the channel pattern, the serious diversion of the department store customers, and the fast developing shopping mall and e-commerce channel have not yet become effective sales channels for high quality footwear products.

As we all know, the Dalian lock department store has been the main channel for the sales of women's shoes brand in China.

At present, shopping centers, e-commerce channels under the line "double attack", sales have been greatly affected.

At the same time, P align= "justify", meanwhile, the rising rigidity of labor cost and the plaguing of inventory are also important reasons for engulfing profits.

" up to the end of February, the cost of sales and distribution expenses of BELLE international was 15 billion 104 million 800 thousand yuan, 14.26% higher than the 13 billion 220 million yuan at the end of February 2013, and the proportion of revenue accounted for 35.1%, accounting for an increase.

Meanwhile, as of the end of February, the average stock turnover of BELLE international footwear products increased to 189 days.

BELLE International says that the first reason is the labor cost of footwear and sports and apparel business, including wages and social security expenditures, which continue to maintain a rigid rise.

In recent years, the wages and social security expenses of grass-roots employees have been rising rapidly, which has become the primary factor in the decline of operating profit margins.

The two is the growth of footwear sales in the same store is weak, the output of new stores is relatively low, and the average single store sales output has declined slightly.

Daphne international also said that due to the substantial promotion of over season products, the provision for inventory impairment increased significantly, resulting in the gross profit margin of its core brand in 2013 decreased from 59% to 55.9%, down 3.1 percentage points.

In addition, the pressure of staff and rental costs is rising. Under the weak market environment, the negative leverage effect is significant, and the additional impairment loss caused by the closure of poor stores has decreased the operating profit margin of its core brand business from 15.4% in 2012 to 6.4%, a sharp decrease of 9 percentage points.

Meanwhile, the number of days of inventory turnover increased from 188 days in 2012 to 198 days, but it has declined compared with the 209 worst days in the first half of 2013.

the inventory value at the end of Saturday 2013 was 1 billion 181 million 232 thousand and 700 yuan, an increase of 135 million 308 thousand and 500 yuan compared with the beginning of the year.

During the period, the company actively through the network sales, sale and other channels to digest inventory, improve inventory structure.

"P align=" justify "facing the next industry competition pattern, BELLE International said that in the next two years, the overall economic situation is not optimistic, and the retail market is facing the continuing pressure of low consumption sentiment.

The channel pattern has changed rapidly, and the traditional retail channels such as street stores and department stores have been diverted, but new channels have not yet been able to make effective use of fashion shoes and clothing brands. Growth slowdown has become a new norm and profitability has been continuously challenged.

shoes and clothing industry observer Ma Gang pointed out that women's shoes industry competition is more intense, the impact of the electricity supplier is obvious.

Take Daphne as an example, its brand "route" is wide, but it is mainly low and medium end products. This part of the product is more pressure than the high-end brand because of the impact of the electricity supplier, and sales decline is inevitable.

In addition, after a long period of development, the market development of every enterprise is in a state of saturation.

Compared with P align= "justify", it is more optimistic for development expectations.

In the long run, the Chinese shoe market will continue to flourish, and the high-end ladies' footwear market is expected to grow steadily.