Looking Back In 2018, Garment Enterprises' Performance In 2018 Was Mixed.

The 2018 annual performance announcement of A share listed companies has been disclosed. According to the rough statistics of Wah Shang observation, 9 enterprises in 25 clothing listed companies which published their annual performance notice notice in recent years, 9 enterprises with announcement of pre performance increase, 9 enterprises that issued performance pre cut announcements, and 7 enterprises with announcement of performance loss, and the performance showed a mixed situation.

The main business of garment enterprises has been growing steadily, and non recurring gains and losses have affected the profit margin.

YOUNGOR's performance is the most brilliant among the garment companies that publish annual performance forecasts.

In January 30th, YOUNGOR released the 2018 annual earnings announcement. It is estimated that the net profit attributable to shareholders of Listed Companies in the year 2018 will be about 3 billion 664 million yuan, which will increase by about 3 billion 367 million yuan compared with the same period last year, an increase of about 1134.72% compared with the same period last year. The net profit attributable to shareholders of listed companies after deducting non normal profit and loss will increase by about 3 billion 881 million yuan compared with the same period last year.

As for the reasons for the increase in performance, YOUNGOR said that the first year was a small base. In 2017, the company made 3 billion 308 million yuan in preparing for the impairment of CITIC assets, and the net profit attributable to it was only 297 million yuan, with a relatively small base.

The two is the growth of main business. The company expects to have a revenue of about 9 billion 296 million yuan in 2018, a decrease of about 5.52% compared with the same period last year.

Among them, the textile and garment sector completed a business income of about 5 billion 611 million yuan, an increase of about 12.56% over the same period last year, and a net profit of 842 million yuan attributable to shareholders of listed companies, an increase of about 10.88% over the same period last year.

Real estate sector business revenue and net profit has declined.

On the same day, Taiping bird also issued a notice of annual performance increase. The company expects to achieve net profit of 560 million yuan attributable to shareholders of Listed Companies in the year 2018, an increase of about 23% compared with the same period last year (statutory disclosure data). The net profit attributable to shareholders of listed companies excluding non recurring gains and losses is estimated to be around 390 million yuan, representing an increase of about 11% compared with the same period last year (statutory disclosure data) and the same period last year (restated data adjustment).

As for the reasons for the increase in performance, Taiping bird said that the company's operating revenue grew in 2018. With the implementation of TOC, the inventory size was controlled, and the loss of asset impairment was also controlled. Besides, the increase in non recurrent gains and losses such as government subsidy income and financial investment income also increased the company's 2018 annual performance.

Another men's clothing enterprise announced the announcement of the 2018 performance notice in November 19, 2018, adjusting the company's net profit growth rate.

The company previously estimated that the net profit attributable to shareholders of Listed Companies in the year 2018 increased by 210% to 260% compared with the same period last year. After revision, the company estimated that net profit attributable to shareholders of Listed Companies in the 2018 year increased 100% to 150% compared with the same period last year, with an interval of 51 million 857 thousand and 600 yuan to 64 million 822 thousand yuan.

The company said that the growth of business growth was due to the increase in the number of brand outlets and the affiliate buyout system. The sales of the brands such as the news birds, HAZZYS (Haggis), LAFUMA (Le Feiye), and Kay Mitchell increased.

As for the reasons for adjusting the growth rate of performance, the company said that after the termination of the equity incentive plan, the related share payment will be speeded up in the reporting period. Besides, the recent business situation of the apparel industry is more severe. The terminal sales of the company have not reached the expected level, and the downward pressure on the growth rate is very great.

In addition, the company's performance may be further affected by its Internet banking business.

Overall, from the performance forecast of YOUNGOR, Taiping bird and news bird, the main reason for the performance growth of these garment enterprises is the realization of the growth of the main business of clothing. Besides, the extraordinary profits and losses of enterprises have a great impact on the net profit growth of enterprises.

Performance reduction, multi brand and multi business operation cost increase, inventory problems emerge.

In the number of garment enterprises that issued pre annual cuts, La Natsu Bell's net profit fell by a relatively large margin.

In January 30th, La Natsu Bell issued a notice of pre performance reduction. It is estimated that the net profit attributable to shareholders of Listed Companies in 2018 will be reduced by about 459 million yuan over the same period of 2017, down by about 91.98% compared with the same period last year. It is estimated that the net profit deduction of non recurring gains and losses attributable to shareholders of Listed Companies in 2018 will be reduced by about 415 million yuan over the 2017 year, down about 109.21% from the same period last year.

In the same period last year, the net profit of the Company attributable to shareholders of listed companies was 499 million yuan, and the net profit attributable to shareholders of listed companies was 380 million yuan after deducting non recurring gains and losses.

It can be seen that La Natsu Bell expects to make a profit of around 40 million yuan in 2018.

La Natsu Bell said in the announcement that the main reason for the decrease in performance was due to the decline in terminal retail sales. Sales of the company's Direct stores in the second half of 2018 did not reach the expected level, resulting in a year-on-year decrease of 5% in gross profit of the company.

In addition, a series of initiatives taken by the company to enhance product strength, optimize retail channels and improve single store sales are not fully reflected in 2018.

The two is due to the adjustment of department stores and the decline of passenger flow, the sales of women's clothing brands La Chapelle and Puella, which accounted for a relatively high proportion of department store counters, dropped by more than 10% in 2018, while the sales growth of women's wear brands Candies and children's wear and men's wear brands still had no way to make up for the decline of La Chapelle and Puella.

And because some brands of investment and cooperation are still in the initial stage of cultivation and development, investment in product R & D, channel expansion and market promotion has led to a decrease of some 90 million yuan in investment income of some investment holding subsidiaries.

Another female fashion enterprise also released a performance preannouncement notice. The company expects net profit attributable to shareholders of Listed Companies in 2018 will be reduced by 41 million 500 thousand yuan to 54 million yuan compared with the same period last year, down 50% to 65% compared with the same period last year. The net profit attributable to shareholders of listed companies will be reduced from 45 million yuan to 56 million yuan compared with the same period last year, down 60% to 75% over the same period last year.

The daily fashion said that the company continued to increase its channel investment in 2018, and its annual business income increased by about 6% over the same period. The core brand "broadcast broadcasting" business income increased by about 7% over the same period last year.

The company has 117 new outlets in 2018, and the new shops need a period of training. Stores, such as shopping malls, decoration and staff salaries, all need to be paid as usual, resulting in an increase in the company's sales expenses, representing an increase of about 22.5% compared with the same period last year.

In 2018, the company increased its R & D investment in clothing and fabrics, reformed the company's quality control center and R & D center, purchased new equipment, and increased the training and salary of R & D technical staff.

In addition, in 2018, the company launched the two new brands of women's clothing brand MUCHELL and children's clothing broadcute to the market, and launched the new brand's early market promotion input, commodity research and development input, and channel development investment.

In addition, the company believed that 2018 was affected by the macroeconomic environment, the garment prosperity was under pressure, the overall performance of the company's sales terminal market was not expected. Meanwhile, the company's inventory was increased, and the company's stock prices were prepared accordingly.

In January 28th, the listed company of casual wear released its performance correction notice, which lowered the company's 2018 profit.

The company expects to achieve net profit of 337 million to 460 million of shareholders belonging to listed companies in 2018, down 25% to 45% over the same period last year.

The company's supply chain management business declined in the fourth quarter due to changes in the market environment, he said.

As the company's financing costs increase, the financial expenses to be paid will increase considerably compared with the same period last year.

At present, the pressure of the garment industry is relatively large. With the increase of inventory, the provision for inventory depreciation will increase.

From La Natsu Bell, the daily fashion and the search of special enterprises, we can see that the profits of some garment enterprises declined in 2018. On the one hand, they are related to the increase of operating costs in the process of carrying out multi brand and multi business businesses. The new brand is still in the breeding stage, or the profit has not yet been reflected. On the other hand, the company also believes that the decline of the terminal sales in the second half of the year, especially in the fourth quarter, has led to a decline in terminal sales, resulting in an increase in inventories and the need for greater inventory depreciation.

The performance of enterprises is frequently reported, and the main business development is affected by the macro market environment.

This year A share listed companies' annual performance "Thunderstorm" phenomenon is frequent, large sums of action are frequent, performance "bathing" is common, this situation is also reflected in the clothing enterprises that predict earnings losses.

Such achievements as loss of value and non recurring gains and losses, such as goodwill, Busen shares and Pathfinder, have been greatly increased. As for the main business, the development is different. However, they also emphasize the impact of the downturn in the macro economy and the decline of the industry boom in the second half of the year.

In January 30th, the precious birds released a notice of performance loss. It is estimated that the net profit attributable to shareholders of Listed Companies in 2018 will be a loss in the same period last year. The loss will be between 640 million yuan and 820 million yuan. The net profit attributable to shareholders of listed companies after deducting non recurring gains and losses will be 492 million yuan to 672 million yuan.

The company said the reasons for losses include two main business and non recurring gains and losses.

In terms of main business, in 2018, the sales revenue of the company was reduced, the production cost increased, and the sales cost increased, resulting in a loss in the operating profit of the company's own brand.

One of the reasons is that in the second half of 2018, due to the adjustment of the sales mode of the core bird brand business, the company purchased resources for the marketing channel resources to 14 key provincial regions, the "noble bird brand dealer", and purchased from the above regional dealers the price of the products of the 2018 year products that had not yet been sold to the local distributors at the original price of about 340 million yuan, which further led to a decline in the sales revenue of the company and a substantial increase in the final inventory commodities.

In terms of non recurring gains and losses, in 2018, the company had a significant impact on the company's annual performance as a result of the disposition of assets and the expense of channel resources.

Among them, due to the current disposal of the controlling shareholder of Hubei Jie Xing sports industry development of Limited by Share Ltd equity, resulting in investment losses and other losses totaling about 116 million yuan, and the company to 14 key provincial dealers to buy the sales channel resources paction amount of about 150 million yuan, accounting for 2018 sales expenses.

Busen shares issued a notice of performance correction, indicating that the performance of "big change".

The company previously estimated that the net profit margin attributable to shareholders of Listed Companies in the year 2018 was 94.08% to 114.79% from the same period last year, with a range of losses ranging from 2 million yuan to 5 million yuan.

After correction, the company expects net profit attributable to shareholders of Listed Companies in the year 2018 decreased by 447% to 486% compared with the same period last year, with a range of losses ranging from 185 million yuan to 198 million yuan.

Busen shares said that there were two main reasons for this performance correction. First, the company is currently facing a lawsuit filed by the plaintiff Deqing County small and Medium Enterprises Financial Services Center Limited, Shenzhen Xin Rong financial Cci Capital Ltd and Zhu Dandan to the judiciary, involving 138 million yuan, 48 million 740 thousand yuan and 49 million 660 thousand yuan respectively.

Up to now, the above three litigation matters are still in the trial stage, and there is no judgment of the presiding organ. There is uncertainty about whether the company is liable for damages and the amount of compensation.

Therefore, the impact of the above litigation matters on the company's 2018 annual performance is uncertain, and the company has projected corresponding liabilities for the three litigation mentioned above.

Another reason is the downward pressure on the macro-economy. Recently, the clothing industry has become more grim. In order to get through the sales link under the online and offline, the company has adjusted the inventory handling policy and the dealer return system in the fourth quarter of 2018.

Pathfinder predicted a loss of 180 million yuan to 185 million yuan in 2018. The company said that the reason for the loss is mainly based on preliminary testing. The company expects that the accumulated goodwill, investment and asset impairment accumulated in the year 2018 will be over 200 million yuan, and the other business of the non outdoor main business will suffer from a loss of business.

On the main business side, Pathfinder said that under the background of macroeconomic downturn and the overall slowdown of outdoor products industry, the main business of outdoor products business continued to grow. In 2018, it was expected to achieve operating income of about 1 billion 350 million yuan.

The company also predicted that the net profit of shareholders belonging to listed companies in the 1 quarter of 2019 will be 38 million 800 thousand yuan to 45 million 500 thousand yuan, an increase of 75% to 105% over the same period. The reason is that the company's strategy of focusing on outdoor products is gradually implemented. The main business income of outdoor products is expected to grow 20%, left and right compared with the same period last year, while non recurring gains and losses also increased from the same period last year.

Hua Shang observation: garment enterprises 2018 performance "mixed feelings", gradually differentiated trend

This year's annual earnings forecast issued by A share listed companies, such as "Thunderstorm", "face change", huge losses, large amount of calculation, impairment of goodwill, performance "bathing" and other words, have attracted the attention of all parties.

In this situation, the enterprises listed on the clothing sector listed the performance correction notice also seem to be more than before. Our last issue also focused on this topic.

However, throughout the market data, the performance of "normal" business is still the majority.

According to media reports, the Oriental Wealth Choice data show that as of January 31, 2019, a total of 2995 listed companies announced the 2018 annual performance notice.

Among them, there are 1770 enterprises in performance prematurity (including type increase, slight increase, continued profit, loss turning, and deficit reduction), and there are 1146 enterprises with Preperformance (including slight reduction, first deficit, pre reduction, continued deficit and increase loss).

The number of pre hi enterprises is slightly higher than that of pre - sad enterprises, of which the pre - hi rate of the listed companies in the textile and textile sector is 56.94%, and is located in the middle reaches of all sectors.

Therefore, judging from the garment enterprises that have disclosed annual performance forecasts, the performance of garment enterprises in 2018 can be regarded as "happy and worried" and "mixed with joy and sorrow". Enterprises with pre - happiness and pre - sad enterprises have a certain number.

Moreover, we can find that whether it is men's wear, women's wear or casual wear and other subdivision industries, there are both enterprises with good performance and enterprises with pre performance sadness. The development momentum of every enterprise seems to be gradually differentiated.

In addition, whether they are premixed or preoccupied by garment enterprises, they stress the pressure and influence brought by the macroeconomic and industry boom in the second half of 2018, especially in the fourth quarter.

Against this background, the garment enterprises that are preoccupied with performance have realized and maintained the growth of their main businesses, while emphasizing the importance of improving the overall business efficiency, controlling operating costs and improving the quality of terminal channel operations.

In addition, the large amounts of goodwill impairment refer to non recurring gains and losses and other factors. Some enterprises whose performance is pre cut is often caused by the expansion of new brand and multi business.

On the whole, garment enterprises that find a balance between the multi business brand "expansion" and "focus" core business brands may have more stable and sustained good performance.