Vigna S, A High-End Women'S Clothing Brand, Had A Revenue Of Over 3 Billion In 2018, But Her Business Cost Was Only 951 Million.

The local high-end fashion women's brand -- Vigna S fashion Limited by Share Ltd (hereinafter referred to as "Vigna S") recently published the 2018 annual report. During the reporting period, the company realized total business income of 3 billion 90 million, an increase of 20.3% over the same period, and realized a net profit of 270 million, an increase of 43.6% over the same period last year, and a profit of 1.58 yuan per share.

During the reporting period, the gross profit margin of the company was 69%, down 0.6 percentage points from the previous year, and the net interest rate was 10.1%, an increase of 1.4 percentage points over the previous year.

Analysis shows that Vigna S's operating income grew fairly fast, resulting from TEENIEWEENIE's year-round merger.

After excluding the combined factors, the growth rate slowed down, mainly due to the reduction in the number of stores. In 2018, the company realized net profit of 270 million yuan, up 44% from the same period last year, mainly due to the TEENIEWEENIE annual table and the disposal of Huabao trust investment, increasing the investment income of 59 million 470 thousand yuan, pushing up the net profit attributable to the parent company owner 41 million 230 thousand yuan.

In addition, the merger and acquisition of TEENIEWEENIE brought greater financial pressure. In 2018, the financial cost was 230 million yuan, the financial cost rate was 7.5%, and the net profit was eroded.

According to sub brands, VGRASS, cloud brocade and TEENIEWEENIE accounted for 28%, 1% and 71% respectively in 2018.

VGRASS brand in 2018 revenue growth of 8.9%, gross margin to 68.8%, gross margin reduction is mainly due to the current VGRASS brand in the process of product upgrading, product upgrading needs to first change the consumer's perception of product quality, cost increase faster than commodity price increase.

The brocade brand maintained a steady growth of 5% and a slight increase in gross margin.

After eliminating the combined factors, TEENIEWEENIE brand achieved 5% revenue growth in 2018, and sales of women's clothing decreased year by year, dragging down brand revenue growth.

Sub channel, Vigna silk line, offline channel revenue accounted for 15%, 85% respectively, online channels accounted for a gradual increase.

In 2018, the company's online channel revenue increased by 24.5%. TEENIEWEEIE Tmall double eleven women's clothing sales ranked ninth. Compared with last year, it has become a key cooperative brand of Tmall women's clothing. VGRASS brand micro mall has developed rapidly, sales grew 92% year on year, and online channels continued to grow rapidly.

Offline channel revenue grew 3.3%, the growth rate rebounded from 0.5% in 2017, and the number of stores decreased, and the channel revenue growth continued under the influence line.

At the end of 2018, the store had 1386 stores, compared with 65 at the end of 2017.

Among them, VGRASS brand stores decreased by 5.5% to 153, and TEENIEWEENIE brand stores decreased by 4.2% to 1232.

In 2018, the main brand of the company was put on file, the growth rate of superimposed consumption slowed down, and the company's stores continued to adjust. At present, the VGRASS brand store efficiency is growing well.

In 2018, the average sales revenue of VGRASS brand was increased by 14.7% over the past 1 years, and the average monthly revenue of all stores increased by 20.15%.

As of December 31, 2018, the net assets attributable to shareholders of listed companies were 2 billion 416 million yuan, up 47.26% from the end of last year; liabilities totaled 3 billion 972 million yuan, and 4 billion 762 million yuan at the end of last year; net cash flow from operating activities was 437 million yuan, up 15.25% from the end of last year.

During the reporting period, the non recurrent gains and losses had a great impact on Vigna S's performance, with a total of 57 million 960 thousand yuan, of which 58 million 481 thousand yuan was held for the change or loss or investment income of dealing with paction financial assets and liabilities.

After deducting the non recurring gains and losses, the net profit of the returned parent was 210 million yuan, up 14.9% over the same period.

Net profit growth is less than revenue growth. The gross profit margin is mainly from 69.69% last year to 69.05% this year and the cost rate increased from 56.6% last year to 57.17% this year.

Public information shows that Vigna S's main business is clothing design, production and sales. Now it has three brands: Nanjing yuan brocade "Yuan Qian" brand, a high-end brand "VGRASS" brand located in high-end women's clothing and a "TEENIEWEENIE" brand positioned in high-end casual wear, and has completed the brand layout of women's clothing category Pyramid structure.