United States Fell To The Altar, More Than 1300 Stores In 4, Net Profit Fell Nearly 700% In The First Three Quarters.

As a 80, 90 and early school student, Jay Chou listened to the song of Jay Chou. Angela Chang, who was wearing the words of Jay Chou and Angela Chang, once thought he was handsome.

In China's clothing brand, the brand of Metersbonwe, after 80 and 90, must be unknown.

Metersbonwe, a spokesman for Jay Chou, who used to be "no ordinary way", has almost become synonymous with Metersbonwe. Walking in the streets and lanes can see the entity shop belonging to the United States. In that era of distinctive personality, Metersbonwe has undoubtedly become the new favorite of young people.

Now, it is falling into a dilemma of transformation. With the attractiveness of the brand to young people, American Apparel began to lose money and store in large areas. In fact, this is also a microcosm of the clothing industry. YISHION, Baleno, JEANSWEST and Giordano are also struggling in the mire.

Do not take the unusual road, become the richest clothing.

In 1995, Zhou Chengjian, 30, founded Metersbonwe in Wenzhou. In April of that year, Meters Bonwe's first store opened in Wenzhou five Horse Street. The story of national replication begins with the first store. At the beginning of the year, he did not think that his "light asset model" might eventually create a huge clothing kingdom.

Through this way of virtualization, Metersbonwe has expanded more than 600 stores in a short span of 5 years. In 2000, sales reached 510 million yuan, which is just the beginning.

In 2008, the United States went on the market. In the same year, it was also the first time that foreign brands invaded the Chinese market. Zhou Chengjian, who was the richest clothing in mainland China, was vexed and vowed to catch up with ZARA.

Thus, Zhou Chengjian embarked on the road of his clothing. From 2005 to 2012, this is the most prosperous period of the development of mus, and Zhou Chengjian himself also ascended the throne of the costumes of mainland China in 2009 and 2010.

In those days, there were few branded apparel chains in China, and Metersbonwe's position was very avant-garde, mainly based on young people. The market value of Smith Barney apparel also climbed to 18 billion 500 million yuan.

The turning point of garment industry in 2012, both net profit and revenue declined.

By the end of 2010, the development of Mei Bang clothing was at its peak. In the face of the impact of the Internet, Zhou Chengjian decided to take advantage of the transformation.

The transformation made by the US state is the shopping platform of the electricity supplier platform, and customers can sweep the code consumption in the physical store, and realize the interoperability between online and offline businesses. Unfortunately, only 1 years later, the state shopping disappeared.

The turning point of the US and China apparel industry was in 2012. At that time, the United States was once bogged down in financial fraud and its share price fell. In the same year, the net profit and revenue declined.

In 2012, the revenues of American Apparel fell from 9 billion 945 million in 11 to 9 billion 510 million.

In 2013, business revenue continued to decline by about 2000000000, compared with 7 billion 890 million in that year.

In 2014, business revenue fell 1 billion 200 million, 6 billion 620 million in the year, while operating profit was only 146 million yuan.

In 2015, Smith Barney's clothing was no longer able to cover the pressure of inventory, and net profit was in a loss. And the US Federal electric business operation has never been successful.

Combing the historical data, in fact, since 2015, the first loss after being listed, the net profit and operating profit of Smith Barney apparel have been in the "roller coaster" state.

The net profit for the 2014-2018 years of Mei Bang clothing is 146 million yuan, -4.32 billion yuan, 36 million 158 thousand and 600 yuan, -3.05 billion yuan and 40 million 361 thousand and 600 yuan respectively, and the operating profit is 178 million yuan, -1.51 billion yuan, 156 million yuan, -3.06 billion yuan and 55 million yuan respectively. Compared with the same period in 2016, the net profit of American bond clothing dropped by 942.95% in 2017, while in 2016, it lost 550 million yuan by selling subsidiaries.

U.S. bond test water O2O little effect, the founder daughter succeeded the chairman

Since 2013, O2O has become the most eagerly concerned word in the clothing industry. Traditional enterprises regard it as a life-saving straw that can be used to pull down the electricity supplier. At that time, the famous clothing brands have tried O2O, and there are more representative UNIQLO, Metersbonwe, Chapel and so on.

In 2016, the United States once again tested water O2O, this time the fan APP invited Li Yifeng to endorse. But the outcome is very awkward, the effect is not very obvious. In November 21, 2016, shortly after the double eleven, Zhou Chengjian submitted a resignation report to the director of Shanghai Metersbonwe apparel Limited by Share Ltd. After the announcement, Zhou Chengjian will no longer hold any post in the American state dress, while Zhou Chengjian, the daughter of Hu Jiajia, is the successor to the board.

According to the data, the performance in 2017 and 2018 is not very satisfactory. In 2017, the company lost 300 million. Even if losses were realized in 2018, sales net profit was only 0.53%, and net profit mainly came from the current government subsidy of 33 million 106 thousand and 400 yuan, and the main garment business was still in a state of deficit.

In the release of the 2018 earnings report, Smith Barney said that the government subsidized the company's profits and losses in the reporting period was 33 million 106 thousand and 400 yuan, with an investment income of 48 million 328 thousand yuan. The company said that in 2018, the company lost its profits and the net profit was relatively small, so investment income and government subsidies had a greater impact on the net profit this year. But compared with the company's operating income, the proportion of investment income and government subsidy was 0.63% and 0.43% respectively. The company's future profit improvement mainly depends on the continuous improvement of the main business competitiveness.

　 In the first three quarters of 2019, it lost 238 million yuan, with a loss of 500 million yuan to 1 billion yuan for the whole year.

According to the announcement, in 2019 the first quarter of the three quarter of the United States achieved sales revenue of 4 billion 34 million yuan, a year-on-year decline of 27.27%, the corresponding net profit attributable to the corresponding net profit of -2.38 billion, down 692.42% over the same period.

Three quarterly bulletin, the United States and costumes for the 2019 annual performance of the notice, it is estimated that the net profit -5 2019 billion to -10 billion. For the reasons for the change in performance, Smith Barney said that in the first half of the year, due to the influence of the delivery period, the new product listing in spring and summer in 2019 was postponed, which failed to meet the market demand in time. The supply chain delivery problem has been gradually improved in the second half of the year. The new products in autumn and winter are listed on demand. The three quarter business income decline has narrowed significantly compared with the first half of the year. It is expected that the fourth quarter will continue this trend.

The first half of 2019 was also unsatisfactory. The results of the first half of 2019 revealed that the losses were more serious. During the period, the business revenue of US bond clothing was 2 billion 699 million yuan, down 31.47% from the same period last year. Net profit attributable to shareholders of listed companies was about -1.38 billion yuan, down 359.61% from the same period last year. As of June 30, 2019, the total assets of Smith Barney's clothing were about 6 billion 679 million yuan, and the net assets attributable to shareholders of listed companies were 2 billion 736 million yuan.

What has gone through the experience of the United States?

Electricity supplier + international brand double impact. Since 2011, with the rapid rise of Taobao and other electricity providers, it has caused a huge blow to the offline apparel industry. At the same time, with ZARA, UNIQLO, H&M and other international "fast fashion" brand settled in, to seize a large part of the market of domestic brands. Many domestic brands can only take refuge in three or four line cities. Semir, the largest competitor in the United States, has turned to develop children's clothing and its performance has maintained steady growth. Although the United States has children's clothing business, its performance has been on the decline and has suffered heavy losses.

The pressure of "excessive inventory" and the extinction of brand influence. Like other clothing enterprises, the American state clothing is also facing the pressure of "excessive inventory". It is reported that from 2015 onwards, the amount of American barrack clothing increased year by year, reaching 2 billion 565 million yuan as of the end of 2017, although the inventory in 2018 decreased by 8.42% to 2 billion 349 million yuan, but the stock accounts for 32.58% of the total assets. It ranks first in the seven families of Hai Lan home, Semir, La Natsu Bell, Taiping bird, seven wolves, news bird and wgnnasi, and the turnover days are 208 days.

In addition, with the appearance of "small meat" stars, Metersbonwe's brand building system has not been able to keep pace with the times, lack of enough star support, and lead to traffic failure. The final result is that Metersbonwe has lost enough brand influence.

Business is weak, and Smith Barney can only stop blood. With the high inventory and low management, the United States can only choose to stop shops and stop bleeding. From 2013 to 2016, the number of Metersbonwe stores decreased from more than 5200 to more than 3900, and more than 1300 in four years.

Broker downgrades U.S. bond rating

Everbright Securities released investment research report that short-term corporate performance pressure, mainly in the first half of the spring and summer goods delivery period, the second half of the intensity of inventory may increase drag on gross profit margins and profits, concerned about the four quarter to increase sales efforts to promote cash flow improvement. The above factors will be eased in 2020, and is expected to achieve year-on-year improvement in the context of 19 years of low base. Considering that the retail demand side has not improved significantly and the company's performance pressure has increased, the 19~21 EPS has been downgraded to -0.23, 0.01 and 0.05 yuan, and has been lowered to the "neutral" rating.

In 2018, the United States lost its cap and faced the big test again in 2019. Now facing the pressure of foreign brands and the increasing pressure on domestic brands, the United States may only become more and more popular on the road that does not take the unusual road.