Mei Bang Clothing: Profit Margins Continue To Decline, Clothing Giants No Longer Look

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(002269.SZ) issued a related debt tracking rating report, saying: "at home and abroad"

Competitive pressures continue to increase.

And the impact of retail channel changes will continue. The company's operating income will decline, and it will suffer losses in 2015 and the low efficiency of inventory turnover. "Dagong, a domestic Rating firm, maintained its AA rating and its rating outlook was negative.

The tracking rating is aimed at the US bond issued a total of 800 million yuan of bonds, the bond will expire in October 2018.

Revenue profits continue to decline, clothing giants no longer look

Metersbonwe, once popular for the light asset operation mode, has been experiencing a decline in revenues and profits in recent years.

Financial reports show that since 2011, the revenues and profits of the American Apparel have continued to decline.

In 2011, business revenue approached the 10 billion mark, but it declined year after year.

By 2015, it was only 6 billion 295 million yuan, down by more than 30%.

Net profit fell sharply from 1 billion 200 million in 2011 to 432 million yuan in 2015.

In the first quarter of 2016, Smith Barney once again predicted that the company would lose 90 million yuan in the first half of the year.

The rapid expansion has come to an abrupt end.

Before encountering a profit crisis, the United States and costumes experienced rapid expansion, and the number of Direct stores and franchisees was close to 5000.

Because of the competition from domestic and foreign brands and the impact of electricity providers, Smith Barney clothing has been shutting down the loss and inefficient shops since 2013, promoting the pformation and upgrading of channels.

According to the financial report, in 2013, the company had nearly 5000 stores and franchise stores.

By the end of 2015, about more than 3700 stores had declined by about 1/4.

The clothing brand that meets the pressure of performance is not only a member of the American Apparel Company.

600137.SH, the lingerie clothing company, fell 37.94% in 2015, and net profit decreased by 11.55% over the same period.

Shoe industry and sports brand retail giant BELLE International (1880.HK) have a net profit of 2 billion 934 million yuan in the latest fiscal year, down 38.41% from the previous year, while also shutting down some shops with poor performance.

In recent years, american apparel has tried to improve its performance through e-commerce and O2O online and offline interaction, but it still faces many uncertainties.

In the assessment report, Dagong said: "in the next 1~2 years, the company will continue to push forward the pformation of experiential shops and the establishment of online and offline full mobile mode. It will continue to face the adverse factors such as the intensified competition in the apparel retail industry and the decline of the retail business caused by the change of consumption channels. In the short term, the pformation effect of the company has not yet fully emerged, and still faces certain operating pressures."

Since last year's stock market crash, the price of the United States State's clothing has fallen by nearly 7. Many of the investors at high positions are deeply locked up. The bonds that are not yet mature have yet to face the negative outlook of the assessment company. Can the debenture holders sleep peacefully?