Sanfo Outdoor Is Quietly Planning Pformation

What is the real situation of Sanfo behind the noisy public opinion? Is Sanfo healthy? Is there any performance fraud? How can Sanfo respond to the impact of the electricity supplier and the mobile Internet? What is Sanfo doing now? How does the future of Sanfo go? As the leader in the outdoor retail field of domestic specialized industry, the status quo and future of Sanfo are very important to the development of the industry, and the industry colleagues are also concerned about it.

To this end, the reporter made an exclusive interview with Mr. Zhang Heng, founder and chairman of Sanfo outdoor.

Yesterday afternoon, just arrived at the Sanfo office in North Third Ring Road of Beijing, Zhang Heng took me to the multi-function hall of the 4 floor of Liaoning hotel. Here, a professional Internet micro operation company is training for more than 100 Sanfo management cadres. The theme of the training is "how to build WeChat marketing service platform". According to Zhang Heng, the manager of the branch outside Sanfo Beijing also came to attend the training in Madian.

My first impression is that Sanfo is changing, changing with the times, and changing at the whole company level.

1, how is Sanfo's real business?

Zhang Heng: Generally speaking, the business is basically good and the future is full of challenges.

First, it's basically good.

In 2014, Sanfo achieved operating income of 304 million yuan, an increase of 5% over the same period last year.

In 2014, the total number of shops was 34, with 29 comparable stores, and 23 of these 29 grew 13 year sales revenue, accounting for about 80%. In 2014, Sanfo electricity supplier sales revenue was 34 million 90 thousand yuan, an increase of 103% over the same period.

Besides, it's full of challenges.

The distribution of customers in the electricity supplier channel and the mobile Internet channel has been reduced by about 3.9%, compared with the total number of stores in 2014. According to the statistics of the company's operation Department, the rental of the shops is still increasing. The total rental of 29 comparable stores in Sanfo increased by 4.4% in 2014, and the company achieved a net profit of 27 million 850 thousand yuan in 2014, a decrease of 14% over the same period last year.

2, there are media reports that Sanfo lost 1/3 stores in 2014. Is that so? What are the latest stores and new stores?

Zhang Heng: in 2014, the total number of Sanfo shops was 34. If a single store directly checked the accounts, it was that the shops only paid their own rent, wages, wages, water and electricity and other direct expenses. There were 5 shops losing money and 29 shops making profits.

When we disclose the company's financial data, we disclose the profit data of each shop after the apportionment of headquarters expenses, which accounts for about 30% loss of 10 stores.

In 2014, the headquarter cost of the company was 25 million 169 thousand yuan, mainly from 13 shops in Beijing.

For example, Sanfo Beijing Yue Tan shop realized sales revenue (not including tax) 7 million 898 thousand and 100 yuan in 2014, and the single store direct accounting profit was 2 million 271 thousand and 800 yuan, because the apportionment cost of headquarters was 2 million 384 thousand and 700 yuan, so it was disclosed that the shop lost 112 thousand and 900 yuan.

Sanfo is preparing to close a large loss shop in Qingjiang West Road, Chengdu.

In 2014, single store direct accounting loss shops also included Suzhou Phoenix Plaza store, Wuxi Hui Ju store, Qingdao Hisense Plaza store and Changchun Xinmin square store. The former two were new stores opened in 14 years, and Qingdao stores also improved in recent years. These 3 stores are confident that we will turn around deficits and make profits.

In the middle of April, the shop of Jian Wai Street will open in mid April, located in the core area of CBD in Beijing. It is 200 meters west of the center of China World Trade Center, and is on the first floor of the Beijing Lun Hotel.

In addition, this week is being signed, and two shops will be opened at the east gate of Xiangshan Park.

1 new stores will be opened in the second half of this year, and no address has yet been determined.

3, how does Sanfo respond to the impact of the electricity supplier channel?

Zhang Heng: This is the most talked about topic in recent two years. Simply speaking, Sanfo is not passively coping with the impact. Instead, it is actively embracing the channel of e-commerce, expanding the channel of e-commerce, and porting the product and brand advantages that have been formed over the years from offline to online.

Sanfo has many years of operation under the chain of offline stores, and brand partners have good cooperation, so we have more advantages in online sales.

In addition to Sanfo's own website, Jingdong, Tmall, Suning and other major business platforms, a considerable part of professional outdoor brand products are provided by Sanfo, such as Mountain, Hardwear, Patagonia, The North Face, Crispi, Petzl and so on.

With the increasing standardization of the network operation environment, more brand agents are willing to authorize and support Sanfo to operate their electricity supplier sales channels, so that they can save the huge cost of their own operation of the electronic business platform. Second, because Sanfo believes that Sanfo can guarantee the consistent price management and operation quality.

From 2012 to 2014, the number of Sanfo electricity supplier teams was 21, 33, 55, respectively. Sales revenue (excluding tax) was 10 million 180 thousand yuan, 16 million 780 thousand yuan, 34 million 90 thousand yuan, and sales accounted for 4.2%, 5.9%, 11.36% respectively.

From team number to sales growth rate is very fast.

In addition, the company is actively opening up online and offline sales and service integration, inventory sharing, customer data sharing, after-sales service sharing, so that customer shopping more convenient, offline integration is an important development strategy for the company in the future.

4, what is the pformation of Sanfo's future shop opening mode? How can we ensure the profit of new stores in the case of customer diversion and high cost of opening stores? What is the core competitiveness of Sanfo?

Zhang Heng: in recent years, the electricity supplier has actually diverted a large share of sales and passenger flow, but there are also studies showing that more and more customers are returning to the store. Especially for the outdoor industry, outdoor products focus on functions and details, pay attention to the trial and try on the spot, for example, the size of the shoes is fit, and try again and again in the physical shop, let alone buy shoes on the Internet.

There are two main modes of opening stores in the future in Sanfo:

The first is to continue to offer more flagship stores with more brands, more comprehensive categories and better on-site experience in core cities, provincial capitals and richer cities.

Financial data analysis proves that these stores can meet the needs of users' comparison and pick up and purchase, and have greater radiation and attraction and profitability, such as Madian store in Beijing, Shanghai Wan style shop, etc.

The second mode of opening a shop is called sports community store. This is the new shop model established by the company after the current trend of mobile Internet and mobile client.

Taking the Xiangshan store as an example, the shop is located at the east gate of Xiangshan Park. There are more than 2 million mountain visitors passing through the store every year. Sanfo will set up WeChat public service number based on this shop, gather thousands or thousands of users to pay attention to the light mountaineering shoes and clothing equipment that customers need directly from the products. Based on the mountain organization high density mountaineering, cross-country running activities and events, the stores, products, activities and users are fused on the mobile interconnected platform to form a sports community, this is the concept of the sports community store.

I believe this shop product has stronger pertinence and higher user viscosity, which can create very good benefits.

Such as Chaoyang Park in Beijing, Olympic Forest Park, Xiangshan, Zijin Mountain in Nanjing, Century Park in Shanghai, Hangzhou West Lake and so on, many cities have the conditions to set up such shops.

Over the years, Sanfo has built a professional and complete product structure, established a long-term cooperative relationship with its main brands, mutual trust and mutually beneficial long-term cooperation, and has carried out the synchronous operation mode of the reputation of 100% genuine products, product sales and activities. In the past two years, it has rapidly expanded the electricity supplier's sales channels, pplanted the offline product advantages to the online, and integrated the mobile Internet platform with the mobile Internet platform in the future to integrate the products, users and activities to enhance the user participation experience.

These are the core competitiveness of Sanfo company. Customers' demand for outdoor products is a combination demand of multi brands and multi categories. Sanfo's product structure and business mode can provide customers with the overall product solution of outdoor travel.

5, there are media reports that Sanfo has "the possibility of fraud in performance". There are also reports that the group procurement accounts for a high proportion in the past two years, and there is no sustainability. These problems are relatively sensitive, but many people are very concerned about it, please talk about it.

Zhang Heng: the financial data disclosed by Sanfo is true and accurate.

Some media reports are based on the analysis of the company's actual business data, such as the low turnover rate, which is the actual situation.

And the theory of fraud is based on speculation. There is no such thing in the company.

Sanfo's sales are mainly based on retail outlets and e-commerce channels, and sales of large customers are only complementary.

Here are some data for you. From 2012 to 2014, the sales of the top five customers of the company accounted for 2.53%, 12.6% and 3.24% of the main business income respectively. From 2012 to 2014, the sales revenue of the company's main account department (one department of a company) accounted for 2.1%, 9.83%, 2.91% of the company's main business revenue.

From these sales accounts, we can see that group customers' purchase is not the main source of Sanfo's income.

In another way, group customers are also customers. The company should also strive to serve the group customers well.

?

Zhang Heng: Sanfo's inventory turnover is really low. From 2012 to 2014, the inventory turnover rate in 3 years was 1.3, 1.37 and 1.32 respectively.

There are two main reasons for low inventory turnover: on the one hand, the main brands currently run by the company generally take 2 centralized orders each year, that is, spring and summer orders and autumn and winter orders. Therefore, every time the company purchases half a year's goods, it leads to large inventory and low turnover rate. On the other hand, the company continues to open new stores everywhere, new stores need to be distributed, and sales need to be nurtured, plus the overall sales growth rate in the past few years is not high, resulting in low inventory turnover.

The operating income of the company from 2012 to 2014 was 242 million 980 thousand yuan, 289 million 210 thousand yuan, and 304 million 150 thousand yuan respectively. The corresponding amount of stock (the actual December 31st of December 31st) was 115 million 200 thousand yuan, 132 million 190 thousand yuan, and 132 million 430 thousand yuan respectively. The operating income of the company from 3 to 2014 was 304 million 150 thousand yuan.

Revenue growth is faster than inventory growth.

In the context of slowing sales growth in the whole outdoor sector, the company is also cautious, taking control measures in order and inventory management, and there is no significant risk of backlog.

We are communicating with brands to gradually implement the purchase and arrival method of multiple orders and batches of goods in a year. This will help to improve the stock turnover rate of the company. From the original brand management to the category management, we will also enhance the weekly turnover.

Fundamentally speaking, the company needs to strengthen marketing management and enhance sales through multiple channels, so as to enhance inventory turnover.

7, last question, how is Sanfo going on the market?

Zhang Heng: Thank you for your normal queue review.