The United States And The United States Are Struggling To Make Up For Losses. Are They Going To Raise 1 Billion 500 Million More To Set Foot In The Dealer Business?

In the 1 year, 82 million clothes were sold, and the United States apparel (002269) finally realized a net profit of 40 million 360 thousand yuan in 2018 to achieve profitability.

Behind the profits, the company has also paid a huge price: accounts receivable has reached a record high, money funds have hit a new low, and inventories are still high.

These will become stubborn diseases of the company.

In recent years, Zhou Chengjian has pushed the main business of American bond to return to profession, but it seems that it has been hard to find the pleasure of making money in those years.

In January of this year, a 1 billion 500 million yuan increase plan was put forward to plan a new round of major pformation.

When you see a lot of non American brands in American stores one day, it proves that the company has changed again.

Increase the "credit" receivables soaring

In 2018, Smith Barney's clothing revenue was 7 billion 680 million yuan, an increase of 18.62% over the same period, and net profit attributable to 40 million 360 thousand yuan, a loss of 305 million yuan in the same period last year.

The cost of losing profits is also heavy.

Among them, the most outstanding performance is the surge of accounts receivable.

According to the financial report, the balance of accounts receivable at the end of the year was as high as 1 billion 217 million yuan, a record high in the company's history, an increase of 177.22% over the same period last year.

Accounts receivable turnover days 38.83 days, never before.

The company's accounts receivable increased substantially in the second and third quarters, and the two quarter was the traditional sales slack season.

After the semi annual report issued in 2018, the problem of rapid growth of accounts receivable was received by the exchange.

In reply to the inquiry letter, 002269.SZ said that accounts receivable customers were mainly franchisees, counters and third party e-commerce platforms. The index grew too fast. It was the company's support for the pformation and upgrading of franchising channels, enhancing brand image, easing the pressure of franchisee funds, relaxing credit policies and increasing credit sales ratio.

The amount of the first part of accounts receivable is 37 million 784 thousand yuan, which is the company's franchisee, the second largest client and Zhou Chengjian's brother-in-law.

At the end of last year, the company's accounts receivable for Huang amounted to 26 million 905 thousand yuan.

Does the substantial increase in accounts receivable mean that Huang has sold more products for the United States?

On the contrary, the company's sales in 2017 were 50 million 346 thousand yuan and 46 million 814 thousand yuan in 2018.

Similarly, as a company franchisee, Zhou Chengjian's sister Zhou Xian Mei and sister Zhou Jianhua's sales in 2018 were reduced to varying degrees.

The goods were sent to the franchisee and the money could not be recovered for the first time, resulting in only 382 million yuan of money at the end of the year, while the short-term loans of the company were as high as 1 billion 80 million yuan.

In order to ensure the normal operation of the company, the upstream suppliers' money can only be suppressed, and the accounts payable and bills payable by the company have reached the highest level in history.

In recent years, the inventory level of American state clothes has been rapidly rebounded.

At the end of 2018, the stock balance of the company was 2 billion 349 million yuan, accounting for 52.95% of the current assets, although this index was slightly lower than that in 2017, but the turnover days of inventory remained as high as 208 days.

Re seeking pformation

Two years ago, the United States and its apparel industry focused on the main industry and returned to the profession. Finally, it began to improve in 2018. However, the tiny book profit is still not contributed by the company's clothing industry.

In January this year, the company issued a fixed increase plan to raise 1 billion 500 million yuan to invest in brand upgrading and product supply chain pformation projects and repay bank loans.

Among them, the total investment of brand upgrading and product supply chain pformation project is as high as 3 billion 200 million yuan, and it is about to invest 1 billion 195 million yuan.

American Apparel hopes that through the implementation of the project, the brand pformation and upgrading from the unit leisure fashion style brand to the multiple fashion style brand will be completed. At the same time, the company will pform the product supply chain mode, with the help of the social innovation ability, cooperate with the brand supplier with independent research and development ability, and guarantee the diversified brand supply.

According to the planning of Mei Bang dress, the operation mode of the company will undergo subversive changes after the implementation of the project.

In terms of product design, it will be changed from independent design to the design of part of the product to the brand supplier. In terms of product supply chain, the cooperation with the social brand will take the retail cooperative system, and the company will not bear the cost of production or inventory.

That is to say, in the future stores in the United States, besides the major brands of the United States and the United States, customers will probably see many other brand products.