Local High-End Women'S Clothing Focuses On Single Store Operation.

According to statistics, in 2016, local

The total revenue of listed companies, such as song Li Si, long Zi stock, Vigna S and an Zheng fashion, was 4 billion 450 million yuan, an increase of 10.46% over the same period last year. The total net profit was 698 million yuan, up 18.31% from the same period last year.

Shi Hongmei, an Oriental Securities analyst, said that the high-end women's clothing industry in mainland China is showing signs of recovery since the fourth quarter of 2016.

Specific to the level of listed companies,

Benefiting from the EdHardy, Bai Qiu network, IRO and the main brand's rebound since the fourth quarter of last year, the 16 year business income has increased by 35.53% year-on-year, and net profit has increased by 23.84% over the same period. In the 17 quarter of the first quarter, the company's operating income and net profit increased by 88.37% and 153.15% respectively. In 2016, the operation of the main brand continued to improve. The growth rate of the single quarter year-on-year growth was negative from the three quarter of 16 years ago, and returned to 8.29% in the fourth quarter of 2016 and 13.85% growth in the first quarter of 2017.

But also benefiting from the new business of medical beauty, new baby business, and the table's and the terminal's warm-up, the operating income and net profit in 2016 increased by 19.53% and 120.28% respectively. In the first quarter of 2017, the operating income and net profit increased by 101.28% and 29.79% respectively. In the past 16 years, the terminal retail business of the direct business has stabilized, and the terminal sales in the fourth quarter reached two digit growth year-on-year, and continued to grow in the first quarter of 2017.

Vigna S, operating income and net profit in 2016 decreased by 9.71% and 10.51% respectively. In the first quarter of 2017, TeenieWeenie and operating income and net profit increased by 63.90% and 31.79% respectively, excluding TW and the 4% decline in revenue after the impact. The main reason is that the company is still adjusting the channel to continue to shut down inefficient stores, but there is a certain growth from the data of store efficiency.

In 2016, the business income and net profit decreased by 1.53% and 3.21% respectively, and the operating income in the fourth quarter increased 13.12% in 2016. The operating income and net profit in the first quarter of 2017 increased by 18.89% and 16.50% respectively, and the performance of the company was consistent with the overall weak recovery trend of the industry since the four quarter of 2016.

Shi Hongmei analysis, observed earnings report, 2016 women's clothing industry gross gross profit margin was 65.32%, down 0.70pct compared with the same period last year; net interest rate was 15.69%, to the company level, in 2016, the song and the positive fashion sales gross margin were raised respectively, and the shares of Rende shares fell sharply because of the gross margin. Net interest rate, Vigna S and Ann fashion in 2016 net interest rates decreased by 0.12pct and 0.34pct respectively, due to the 9 new companies and 9 new companies and net interest rates rose significantly, and 0.50PCT rose slightly.

From the net cash flow / net profit ratio of operating activities in 2016, vivianne, Lanni shares and singer were 0.77, 0.81 and 0.51 respectively, that is, the net profit was not enough to support the net cash flow of operating activities, compared with the relatively high quality of the profit quality of ANN (1.44).

From the data of net assets yield,

In the past two years, profitability declined significantly. In 2016, the quality of women's clothing industry did not improve significantly. Only the stock turnover days of Lang Zi stock fell 65 days. In particular, vicknus faced with the problem of high inventory (stock turnover days increased by 86 days).

Shi Hongmei said that the overall performance of mid and high-end women's clothing was weak in the whole. But it is worth mentioning that since the fourth quarter of 2016, the high-end high-end women's clothing sales have shown signs of recovery, and the recovery trend has continued to the first quarter of 2017. Analysis shows that in the current economic environment stabilized, the anti-corruption impact gradually digested and consumer confidence began to recover gradually, high-end high-end women's clothing sales have been the first to start recovery, and the recovery trend is expected to be more clear in the 17 years of the year in 2016.

In the view of Shi Hongmei, in recent years, high-end women's clothing companies have been actively adjusting to their main businesses, and companies are beginning to forge ahead with fashion groups in order to find new growth points.

The company has been active in the layout of medical beauty, baby products, cosmetics and so on, and is committed to creating a pan fashion ecosystem.

Vigna S promoted cloud brocade luxury brand strategy, acquired TeenieWeenie brand, and actively developed multi brand strategy.

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