Half A Year Lost 500 Million, 2470 Stores Closed! How Was La Natsu Bell "Pulled Down"?

Recently, as the first clothing company listed on the "Hong Kong Exchanges and Shanghai Stock Exchange", La Natsu Bell can be said to be constantly in turmoil. Because of the company's performance losses, La Natsu Bell's retail store is shrinking rapidly.

In the survey, CCTV financial reporters found that even those shops that were not closed, many of them were clearing sales.

One

La Natsu Bell frequently closes stores in the first half of the year.

Recently, when visiting the shopping malls in downtown Shanghai, reporters found that the store of La Natsu Bell, the women's clothing brand, seems to be less than before. Many stores that can also be searched on the mobile phone map have been closed and removed.

Some of La Natsu Bell's shops have posted posters for sale, and clothing such as down garments and coats displayed in the store has a larger discount.

La Natsu Bell shop clerk of Changning Road, Shanghai: both 62% off and eighty percent off.

Shanghai consumers: the discount of 1099 yuan is 400 yuan, three pieces can also fight ten percent off, ten percent off of the province should also save 100 yuan.

Interviewer: do you think it's worth it?

Shanghai consumers: I don't feel good at work.

The shop assistant told reporters that La Natsu Bell's new costumes had not been on the shelves since the beginning of the season. From September 26th to October 20th, it was a special sale. The clothes sold in the last year and the year before last were discounted, and no notice of the new shelves had yet been received.

La Natsu Bell shop clerk of Changning Road, Shanghai: so far, no notice has been given. Anyway, it is said that the sale is on the 20 day. It is possible that we can not talk about the rent of the store. It is possible that we have withdrawn this place because we signed the contract a year, and the rent has gone up too much. We are talking about it and we haven't talked about it yet.

Reporter access found that in 2017, when A shares were listed, La Natsu Bell had 9066 outlets, but in the first half of this year, the situation was on the decline. As of June 30, 2019, the number of retail outlets in La Natsu Bell was 6799, 2470 in half a year, and 27% in shrinkage, with 13 shops closed on average every day.

Two

2 billion 160 million yuan inventory to sell La Xia bell fear of cash shortage

In the clothing industry, inventory is the most difficult pressure for enterprises to bear. La Natsu Bell's interim report also shows that as of June 30, 2019, the book value of La Natsu Bell's inventory amounted to 2 billion 160 million yuan!

New products can not be updated in time, and old products can not be sold. What kind of impact will such a high inventory bring to La Natsu Bell?

In order to understand the real situation of La Natsu Bell's current inventory, the reporter visited La Natsu Bell's warehousing and logistics center. Judging from the announcement information, La Natsu Bell mainly has three logistics bases, which are located in Taicang, Tianjin and Chengdu, which undertake the functions of store distribution, replenishment, and online order delivery.

Reporter Jin Hemiao: LL6, Guangzhou East Road, Taicang City, Jiangsu province. From the map, this is La Natsu Bell logistics center. Public information shows that as of the end of 2018, the total assets of La Natsu Bell clothing (Taicang) Co., Ltd. reached 1 billion 200 million yuan, of which the net assets were more than 80 million yuan. In December 26, 2018, Taicang's real estate was mortgaged to apply for bank loans. The mortgage guarantee period ended in December 26th this year.

Reporters observed in Taicang for several days. As La Natsu Bell's logistics center in East China, the daily operations here are not busy. There are two or three lorries on the open space in the factory area. There are express vehicles at the gate. Several employees are handling and sorting out the stock. They can see that the warehouse shelves are stacked with cartons.

Most of the factories in this shop sell clothes for the past season. The lowest price of the women's coat is only 29 yuan. It has just applied for bankruptcy liquidation, and the clothing brand OTR also has sales. There are many cartons in the corner of the shop, which say the words of the season products.

Hao Shuai, chief analyst of the textile and Garment Industry Research Institute of Guotai Junan Securities Research Institute: the discount has brought a gross margin loss of 1 billion to the China Daily, plus a large number of shops to produce a one-time cost.

The continuous expansion of inventories has increased the pressure of La Natsu Bell's cash flow. Combing reporters found that from 2014 to 2018, the net cash flow generated by La Natsu Bell's business activities decreased from 855 million yuan to 157 million yuan.

Three

Rental headquarters building La Natsu Bell "broken arm to survive"

Turning on the history of La Natsu Bell's operation, in September 2017, when La Natsu Bell went public, its revenue reached 10 billion 446 million yuan, ranking the highest in the country.

However, two years later, La Natsu Bell's net profit has shown a loss of 565 million yuan for half a year. What made La Natsu Bell go through such a big wave?

Reporter Jin Hemiao: This is the headquarters office building of the La Natsu Bell group in Minhang District, Shanghai. It is understood that this has just been in operation for over a year. Xing Jiaxing, the founder, said in an interview that La Natsu Bell would also choose to sell real estate to tide over difficulties in the face of performance losses and debt crisis.

Then the reporter called the poster on the poster phone to understand that the B building in the La Natsu Bell park has been completed and all rented out.

Mr. Gao, the poster of the posters, we rented it directly to the building of rash. It started in October 1st and was almost renovated. The house was just delivered on the 15 day.

From the performance report, La Natsu Bell mainly engaged in women's clothing, but invested heavily in infrastructure projects such as the headquarters park. In June of 2018, La Natsu Bell, a wholly owned subsidiary of Shanghai, applied for a loan of not more than 436 million yuan to the bank. The mortgage target was located in the headquarters park of Wu Jing Town, Shanghai. The company's net profit for the first time showed a loss of 199 million yuan. By 2019, the book value of Wujing headquarters base project reached 558 million yuan, and the company's net profit deficit expanded to 565 million yuan in the first half of this year.

Yu Jian, principal analyst of textile and clothing at Zhejiang Securities Research Institute, is hard to accept when they are a heavy asset, so there will be shops and promotions, including these so-called "broken arm survival", which are actually lowering their own business burden, but this time may be longer.