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    Smith Barney Was Questioned By The Exchange Because Of Poor Operating Conditions.

    2018/5/16 10:56:00 48

    Chairman Hu JiajiaMetersbonweNet Profit

    Moreover, in recent two years, fashion brands are developing rapidly, and American Apparel will face fierce competition.

    In November 2016, Hu Jia Jia, who was 30 years old, formally took over the position of chairman and CEO of Smith Barney fashion (002269).

    Compared to the story of Hu Jiajia and becoming a new helmsman, Hu Jia Jia's takeover of the old brand of domestic clothing is the focus of the market.

    However, from the publicly disclosed data, the first financial report of the United States has no surprises, but the loss of net profit attributable to the company in 2017 was more than 300 million yuan.

    Due to the continuous loss of net profit after deduction of non profits, the Shenzhen stock exchange sent a letter to inquiries about the sustainable profitability of the state's apparel.

    Report cards disappointed investors

    In April 27th, Smith Barney's clothing 2017 annual report came out, but the pcript of the United States and the state's clothing delivered to investors disappointed.

    Because of poor operating conditions, the United States has also attracted inquiries from the exchange.

    According to the annual report released by the US state apparel, the company's operating income in 2017 was about 6 billion 472 million yuan, down 0.72% from the same period last year. The net profit loss attributable to shareholders of listed companies was about 305 million yuan, down 942.95% from a year earlier.

    In the face of a sharp decline in performance, Smith Barney said that in the same period last year, by pferring the 100% stake of Metersbonwe Shanghai Development Co., Ltd., a wholly owned subsidiary, the investment income reached about 550 million yuan. In 2017, the company ran smoothly and did not deal with large amount of assets.

    During the reporting period, the net profit loss of Smith Barney clothing excluding non recurring gains and losses was about 321 million yuan.

    Despite the breakthrough in the company's channel adjustment in 2017, the direct retail sales continued to grow. However, due to the lag in the operation of franchise channels and the decline in wholesale revenue, the overall performance of the company suffered losses.

    In 2017, the main business revenue of menson's clothing depended on men's wear and women's wear, among which men's wear was the highlight of American Apparel's revenue.

    According to the operating income composition form revealed by Smith Barney fashion, MB's men's clothing business income in 2017 was about 3 billion 796 million yuan, accounting for 58.65% of its operating income, and menson's 2017 menswear sales decreased 5.22% compared with the same period last year.

    In 2017, the operating income of the women's clothing in the United States was about 2 billion 130 million yuan, an increase of 3.21% over the same period last year.

    It is understood that the United States did not take the unusual path of clothing in 2008 officially landed on the A share market, 2009-2011 years, the state of the United States apparel business performance has maintained an increasing trend, after 2011, because of changes in the market environment, the performance of the United States and the state of clothing declined significantly.

    In 2015, Smith Barney clothing was the first loss since its listing.

    Financial data show that the United States in 2015 to achieve net profit attributable to the loss of about 432 million yuan, in 2016, the United States of America's apparel net profit attributable to profitability.

    However, in 2016, the sum of non recurring gains and losses of American Apparel was about 554 million yuan.

    After deducting non recurring gains and losses, Smith Barney made a loss of about 518 million yuan in 2016.

    In the 2015-2017 year, the net profit after the US button was both a loss.

    In May 15th, the Shenzhen Stock Exchange issued a letter of inquiry to the United States and costumes, focusing on the company's net loss after net profit in the past three years. It asked the United States and costumes to analyze the company's continuous profitability, combined with the company's business structure and business plan to explain the main measures of the company's losses.

    No cash dividends for three consecutive years

    It should be pointed out that investors in the United States Bona dresses did not enjoy the benefits of cash dividends in 2017.

    In a special statement issued in 2017 for the purpose of not making cash dividends, the United States costumes stated that, in accordance with the relevant provisions of the articles of association, the company should maintain the continuity and stability of the rights and interests distribution policies if the company is profitable and cash can satisfy sustained and long-term development. In principle, the profit allocated in cash shall not be less than 20% of the distributive profits realized in the current year. In the past three years, the profit accumulated by the company in cash shall not be less than 30% of the annual distributable profit realized in the three years.

    When a company has an asset liability ratio of over 70% at the end of the year or a net negative cash flow from operating activities, the company may not make cash dividends.

    Up to the end of the reporting period, the United States has accumulated an undistributed profit of about -3.42 billion in 2017.

    At the same time, the United States Bona dresses in 2015 and 2016 did not have any cash dividends, the Shenzhen Stock Exchange asked the United States Bona dresses to explain the reasons for the company's three consecutive years of no cash dividends.

    Under the background of performance pressure, American Apparel is also trying to achieve product innovation, so as to bring about a change in performance.

    In 2017, the United States began to implement the strategy of brand upgrading, claiming that we should continue to promote the deepening of channels to distribute wholesale, invest in partnership, and strengthen the supply chain capabilities.

    For example, through screening and sorting out the existing suppliers, from the original

    Material Science

    Optimize cooperation in all aspects of surface accessories and garments, and integrate and integrate supply resources.

    In 2017, the Metersbonwe brand changed its performance from a single leisure style to a five majority style, and its performance improved. In the fall of 2017, it began to reverse the downward trend of performance. In the fourth quarter of the year, the company's performance has completely changed the negative growth situation in recent years. Among them, the Metersbonwe brand core market, the fourth quarter income of the second tier cities increased by nearly 10% in the same quarter. In December, the same store grew by 25% in December. The ME&CITY brand also achieved 21% retail sales year-on-year in 2017. The total sales of Moomoo and ME&CITY KIDS brands increased by 32% over the same period in 2017.

    In the inquiry letter sent by the Shenzhen Stock Exchange, we asked for the main measures and corresponding performance, the number of stores and the performance of the stores, the strategic cooperation between the company and the famous shopping centers, and the main channels and business models of the online sale of the products. The business income, operating costs, gross margin and the change and reasons of the year-on-year increase and decrease in 2017 were explained.

    Opportunities and challenges coexist

    In the pition, the performance of Smith Barney apparel has been developing steadily since the beginning of this year.

    However, the industry believes that in the past two years fast fashion brands are developing rapidly, and the United States will face fierce competition.

    A garment analyst who does not want to be named thinks that in the past few years, the decline of the performance of Smith Barney clothing is related to the structure of merchandise and the store structure. The price band and the structure of commodity category of American bond clothing are not so high as that of consumers. In recent years, the price of fast fashion brands such as H&M and the clothing brand of electric power suppliers is very high with the brands of the main brands of American state.

    According to a quarterly report released by American Apparel, the net profit attributable to the company in the first quarter of 2018 was about 50 million 410 thousand yuan, up 74.21% compared with the same period last year. Meanwhile, the United States apparel company expects to achieve a net profit of 1-6 yuan in 2018, compared with the same period last year, which is about 50 million yuan.

    In the view of garment analyst Ma Gang, with the digestion of inventory, the 2018 quarterly and semi annual performance of Smith Barney clothing is a normal rhythm.

    Ma Gang also pointed out that the direct shop of American barrack is biased towards fast fashion, and the competition is very fierce.

    fashion

    Brand.

    Compared with Semir clothing and YISHION in the same industry, Semir clothing has found a new growth point, aiming at children.

    clothing

    Market demand.

    According to the latest quarterly report released by Semir costumes in 2018, the net profit attributable to the company during the reporting period was about 312 million yuan, up 23.88% over the same period last year.

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