Last Year, Domestic Clothing Market Performance Was Relatively Low, Men'S Clothing Adjustment Needed Time.

< p > from each sub a href= "http://sjfzxm.com/news/index_f.asp" > industry < /a >, the leisure wear sub industry inventory situation is better; men's wear adjustment will take some time, it is expected that the end of 2014 or the first half of 2015 will gradually improve; women's clothing is still in the inventory digestion and adjustment period; and the outdoor industry needs to keep low inventory situation.

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< p > 2013, domestic economic growth declined, consumer information index declined, and clothing consumer market performance was relatively low.

In 2013, the retail sales of clothing category above the limit were 817 billion 980 million yuan, an increase of 11.50% over the previous year, down 6.20 percentage points from the previous year.

We selected 14 clothing companies listed in the inter-bank bond market and listed A shares as samples, and found that 14 companies earned 34 billion 99 million yuan in 2013, down 0.03% compared with the previous year. At the end of 2013, the stock size was 12 billion 178 million yuan, an increase of 0.03% over the previous year.

The income of sample clothing enterprises fell for the first time in 2013 after many years of rising, while the stock kept a slight upward trend after the sharp rise in 2011, reaching 17 billion 340 million yuan at the end of the 1 quarter of 2014, the highest value in nearly six years.

In addition, from 2006 to now, the average stock turnover rate of Sample Firms has declined in fluctuation, the largest decrease in nearly three years, and the lowest in six years in 2013, 2.25 times.

On the whole, the industry is still in the peak period of inventory. Most enterprises are still in the critical stage of inventory elimination except for some enterprises going to inventory.

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In the < p > 14 sample enterprises, 8 enterprises in 2013 declined to a certain extent, and there were seven wolves and American barrack clothing with a sharp decline. The decline ranges were 20.23% and 17.03% respectively.

Red beans and Pathfinder went up against the trend, with incomes rising by 49% and 30.74% respectively.

In terms of inventory, only 4 enterprises achieved a decline in inventories compared with the previous year in 2013, of which the stocks of Smith Barney and Semir apparel fell by 21.25% and 15.02% respectively.

It is noteworthy that after the acquisition of keto technology by the company of Hai Lan, the stock size increased sharply from 479 million yuan at the end of 2013 to 5 billion 842 million yuan in the 1 quarter of 2014, eliminating the impact of reverse backdoor Keno technology. The inventory of Hai Lan home in the 1 quarter of 2014 increased by 1 billion 326 million yuan over the same period last year.

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< p > > a href= "http://sjfzxm.com/news/index_f.asp" > < < /a > > in recent years, the inventory turnover rate of the sample enterprises showed a downward trend, and the performance of each enterprise showed a certain differentiation: in 2013, the inventory of American bond clothing and Semir clothing decreased by 21.25% and 15.02% respectively, and the inventory turnover rate was 2.44 and 4.70 times respectively, which was the higher value in the industry.

The stock in 2013 and the stock in 2013 increased by 45.03% and 6.02%, respectively. The inventory turnover rate was 0.77 times and 0.93 times respectively, which was the lower value in the industry.

Although the income of Hong Kong Group rose considerably, the income of real estate accounted for 54.05%, and its overall inventory turnover level was relatively low.

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< p > the terminal market downturn and the continuous increase of output have promoted the high inventory of clothing, the rigid rise of the cost of industry, the rapid development of online shopping pactions and the entry of "fast fashion" brands abroad to bring greater challenges to traditional clothing management. From the macro environment as a whole, the demand for the terminal market is low and the supply continues to increase, making the inventory of the apparel industry high.

In the 1 quarter of 2014, the GDP grew by 7.36% year-on-year, the lowest in the past years, and the consumer confidence index has also been declining. Meanwhile, the growth of retail sales of garment enterprises above designated size has also been decreasing since 2010.

On the external demand, the financial crisis and the European debt crisis made the European and American economies continue to be weak, and the growth rate of China's clothing exports continued to decline.

From the supply point of view, the clothing output in China has reached more than 20 billion per year since 2007, showing a growing trend.

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< p > > in the < a href= "http://sjfzxm.com/news/index_f.asp" > traditional < /a > clothing market, the shop oriented garment industry is facing not only the rise of rent cost but also the rigid rise of manual wages.

CPI clothing year-on-year and the price index of Chinese women's clothing, founded in 2012, has maintained a high level since 2012 and maintained a trend of rising volatility.

The rise of clothing prices in traditional shops has prompted some consumers to turn to online shopping.

Since 2008, China's apparel online shopping has developed rapidly. The volume of clothing online shopping has risen from 18 billion 70 million yuan in 2008 to 429 billion yuan in 2013, the annual compound growth rate has reached 1.89 times. In 2013, apparel online shopping accounts for about 23.19% of the online shopping market in that year, accounting for 52.26% of the total retail sales.

The rapid development of e-commerce has brought great changes to consumers' consumption habits, consumption patterns and consumption concepts, which has brought a great impact on the traditional clothing industry.

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In addition, the entry of "fast fashion" brand abroad brings great challenges to the domestic garment market. P

Take the world's ten fast fashion brands as an example, except for three brands such as UNIQLO, MANGO and I.T, they have entered China since 2002, and the remaining seven brands have entered China in 2006.

As of July 2013, the ten major brands have opened 863 stores in China, covering 66 cities in at least 22 provinces and cities.

Take ZARA as an example. During the 2007 years of the Spring Festival, sales of 800 thousand yuan per store day were created.

Based on the estimated daily sales of 200 thousand yuan for each brand store, the annual sales volume of 863 stores will reach about 63 billion yuan, and the impact on domestic clothing brands will still be greater.

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In 2014, driven by the temperature and recovery of developed economies in Europe and the United States, the garment industry is expected to get warmer. But the recovery foundation is unstable, and the growth of external demand is unlikely. P

Considering the uncertainty of domestic macro-economy, the weakness of terminal market will continue, and the scale of online shopping still has much room for growth.

Under the competition of rising cost rigidity and fast selling clothing brand, the domestic garment industry is still facing great pressure, and the industry inventory will remain at a high level in the short term.

In the face of the overall operating pressure of the industry, some enterprises have made strategic adjustments in a timely manner, and their business performance has been divided.

Whether the strategy is adjusted and whether the adjustment is effective or not determines to some extent the future development of enterprises.

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< p > the apparel sub sectors have different steps in going to inventory: the leisure wear industry is going to stock faster, the O2O business model is developing faster, while the men's clothing inventory pressure is still larger, e-commerce is still in the inventory stage; the high growth of the outdoor apparel industry has led to the rapid development of the related companies, and the pressure on the industry inventory is not large.

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< p > under the industry environment, enterprises have made corresponding adjustments according to market changes and have differentiated in concrete performance.

The leisure wear industry is an early inventory industry. The three representative companies in the industry have achieved better inventory results in apparel and Semir clothing. In the 2012-2013 year, most of the inventory was processed through the Internet and discount stores, while the search for special products began to be adjusted in the second half of 2013.

In order to adapt to the changes in the industry, the number of stores in American Apparel and Semir clothing was contracted in 2013, and the number of stores was expanded in 2013 compared with the previous year.

Secondly, in the future development strategy, the United States and costumes and Semir clothing all promote O2O strategy, and have begun to achieve the same price on line and offline, and will expand children's clothing and children's comprehensive industries in the future.

Search for the future will also pform to fast fashion and the Internet, but the O2O operation mode is still under exploration.

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< p > it is predicted that Semir clothing will continue to rise in 2014 with the impetus of children's clothing business, while the revenue of the United States has been reduced by 17.03% by 2013, and the sales revenue in 2014 will remain relatively stable and the profit will be improved.

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< p > men's clothing industry has relatively large inventory pressure.

In 2013, the seven wolves and the wedding birds recovered part of their inventory in order to reduce the dealer's pressure, so that the year-end inventory increased by 16.21% and 45.03% respectively.

On the order meeting, the seven wolves, the wedding birds and the 2013 orders of poor will all perform poorly, and the sales revenue in 2014 will still be depressed.

The stock in the end of 2013 was down compared with last year, but the pressure on franchisees is still great.

The family of Hai Lan has all the inventory due to its unique credit sale mode, which makes the inventory still high.

The stock of red beans has been rapidly digested through the red bean men's wear chain monopoly, the professional clothing group buying activities and the e-commerce platform, and its real estate business has performed better in recent years, and the real estate income has made a greater contribution to the income. In 2013, it accounted for 54.05% of the total income of that year.

For Georges white and Dayang creation, there is not much pressure on the enterprises that customize Western-style clothes. In the future, George White will focus on the pfer of capacity to the Midwest to reduce production costs.

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< p > overall, the men's clothing industry is in a state of slowing down shop opening or closing inefficient stores. The pressure on men's clothing industry is still heavy, and the performance is still facing great downward pressure.

In the field of e-commerce, the O2O mode of men's clothing industry is relatively slow. The development of e-commerce is mainly in the stage of selling inventory, and its contribution to income is relatively small.

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< p > women's clothing industry, the electricity supplier of Langer's stock is still dominated by inventory digestion. The main focus is on meticulous management optimization, and revenue will still increase in the future, but the growth rate will decrease.

For outdoor Pathfinder, the high growth space of sunrise industry has brought sustained growth to the company's revenue. The company has set up an outdoor travel integrated platform to take the online offline differentiation mode and pform the brand clothing retailers to outdoor integrated service providers.

As Chinese demand for outdoor travel increases, the company will remain a leader in online outdoor travel.

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< p > the apparel sub industry has differentiated in its operation strategy, and financial indicators have also shown some differentiation.

Judging from the industry inventory and order meeting, it is estimated that the industry is still in the adjustment period in 2014 and will gradually improve in 2015.

With the gradual strategic pformation of enterprises, the profitability and solvency will be improved in the future.

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< p > 2013, the sample enterprises realized 34 billion 99 million yuan of business income, 0.03% lower than the previous year, which basically converged with the overall trend of the apparel industry.

From the perspective of sub sectors, the financial indicators of apparel sub sectors have shown some changes as well.

Due to the earlier adjustment time, Semir shares in the leisure wear sub industry achieved an upward trend in total revenue and profit in 2013.

The men's clothing industry has been greatly influenced by the macroeconomic situation. Besides the red bean stock, Hai Lan's home and Xin Er, the total business income and total profit of the 6 men's clothing enterprises have dropped to varying degrees.

High end women's apparel and outdoor products business Pathfinder growth in the industry driven by income and profit growth, but the growth rate has slowed down.

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< p > in the 1 quarter of 2014, the performance of sample enterprises was roughly the same as that of 2013, and the total income and profit of 7 enterprises decreased compared with the same period last year.

In the casual wear industry, the inventory clearance time was relatively late, and revenue and profits decreased by 134% and 143% respectively compared with the same period last year.

The total income and profit of men's clothing enterprises dropped to 4 compared with the same period last year, and the inventory and operation strategy adjustment of men's clothing enterprises were effective.

In terms of women's wear, the number of shares in the 2014 year was lower than that in the 1 quarter.

Pathfinder still maintains the growth momentum of the outdoor sunrise industry.

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< p > under the influence of income decline, the receivables turnover rate of 7 sample enterprises also declined. The average receivables turnover rate of the sample enterprises dropped from 9.38 in 2012 to 8.45 in 2013, and the turnover efficiency declined.

In terms of net cash flow, the sample enterprises were all positive in 2012, and the cash flow situation weakened in 2013 when they searched for special, good news birds and Busen shares.

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< p > from the sample company's asset liability ratio, the average debt ratio of the sample enterprises at the end of 2013 was 28.76%, up 1.45 percentage points from the same period last year. In the 1 quarter of 2014, the average assets and liabilities ratio of the sample enterprises was 28.85%, up 0.09 percentage points from the end of last year, up 2.33 percentage points from the same period last year.

However, after excluding Hai Lan's home, the asset liability ratio of the sample companies in the 1 quarter of 2014 remained relatively stable compared with the same period last year.

In the 1 quarter of 2014, the scale of interest bearing debts of the sample companies increased by 2 billion 247 million yuan over the same period last year, mainly due to the rapid growth of the debt scale of the United States, the seven wolves and the Hai Lan home.

But from the debt repayment index, the decline of the profitability of the sample enterprises and the increase of the debt scale make the debt repayment indicators weaken, and the performance of men's clothing industry is more obvious.

Considering that the sample enterprises are generally better in the industry, the debt burden is generally lighter, and the debt repayment index of the apparel industry is weaker than that of the sample enterprises.

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"P >" overall, in 2013, the garment industry was more depressed under the impact of the industry cost rigidity, electronic commerce and foreign "fast fashion" brand. The enterprise operating pressure in the industry increased, and the income and profit performance of the enterprises were more distinct.

From the 1 quarter of 2014 data, the clothing industry has not been substantially improved, and clothing enterprises in the future are still facing the pressure of "going stock".

Judging from the industry inventory and order meeting, it is estimated that the industry is still in the adjustment period in 2014, and the overall profitability of the industry is still under pressure. The future trend of earnings and profitability of enterprises will depend on the inventory status, the speed and effect of strategic adjustment.

Judging from the sub sectors, the leisure wear sub industry inventory is better; men's clothing adjustment will take some time, it is expected that the end of 2014 or the first half of 2015 will gradually improve; women's clothing is still in the inventory digestion and adjustment period; and the outdoor industry needs to keep low inventory status.

The adjustment of business strategy is crucial to the development of enterprises in a depressed market environment. The O2O mode will be the major trend of the garment industry in the future. As more and more enterprises plan for pformation and adjustment, their incomes and profits will be improved in the future.

Without considering the large scale capital expenditure of individual enterprises on the debt burden, it is expected that the performance indicators of industry debt repayment will be better developed along with the gradual pformation of strategic pformation effect.

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