The Growth Of Pathfinder Depends On Franchised Stores And Outdoor Clothing.

Since the beginning of the beginning of the sports and leisure products industry overall performance decline of negative emotions, investors' attention to the listed companies in the industry is increasing. As one of the first companies to enter the gem, the explorer of outdoor products is no exception. "We are outdoor products, and the sports industry has little impact on the company." Pathfinder staff reply.

　　 Growth in hopes of franchisees

From the perspective of public information, the Pathfinder has already established a nationwide marketing network, but in its sales network, the proportion of Direct stores and franchisees is seriously unbalanced.

As of December 31, 2009, the number of Pathfinder shops totaled 481, 428 franchisees and 53 Direct stores. In the annual report, the company said it planned to open 150 new stores and complete the information system construction of 200 shops. In 2010, the company reported that the net opened 185 new stores, including 45 straight stores and 140 franchisees, by the end of the year. Joint selling business The total number of shops is 666. Compared with 2009, the number of stores increased by more than 38%.

Huatai Securities (601688, stock bar) research reports that the extension strategy is the main strategy for the company to rapidly increase its market share and occupy the dominant channel resources. By the end of the three quarter of 2011, the total number of sales outlets was 965, of which 809 were franchises, 147 were direct stores, and 84.6% were franchisees. Previously, the company predicted that in 2011, there were 300 new stores and 400 stores' information systems were completed.

Judging from the current data, it is not difficult to complete the goal of opening 300 stores in 2011. According to this figure, the number of shops opened in this year accounted for 6 of the total number of Listed Companies in the previous years.

The marketing network, including franchised stores, did make the Pathfinder in the past three years. achievement The company has also made rapid progress. The company also said that it was mainly due to the rapid increase in the number of franchisees with low capital requirements and fast opening. Therefore, the main direction of channel expansion in the future is still franchised stores. The 2011 Annual Performance Forecast showed that the total revenue of the company during the reporting period was 750 million yuan, an increase of 73.42% over the same period last year, operating profit of about 130 million yuan, an increase of 99.20% over the same period last year, a total profit of about 130 million yuan, a 103.61% increase over the same period last year, and a net profit of 106 million 456 thousand yuan, representing 97.52% growth over the same period last year.

However, this situation has made analysts worried, before the sporting goods companies first laid the channel to produce results. increase And then the risk of high inventory will repeat itself in the Pathfinder. What do the Pathfinder think about the hidden dangers of expansion and inventory? The Securities Daily reporter contacted the company's stakeholders but failed to get a reply to the deadline.

　　 The three main garments are unique.

From the periodic reports disclosed by the company, the inventor's inventory has also been increasing in recent years. In 2009, the stock of raw materials was about 1 million 880 thousand yuan at the beginning of the year, 13 thousand yuan at the end of the year, and about 52 million 310 thousand yuan at the beginning of the inventory, and about 74 million 690 thousand yuan at the end of the year. The company explained that the increase in inventories was mainly due to stock preparation in the spring of 2010. In 2010, the inventory of goods was about 95 million 730 thousand yuan at the end of the year.

In fact, comparing the annual reports of Pathfinder, we can see that the company has begun to diversify in the construction of channels. In 2010, the company strengthened the development of diversified new sales channels for e-commerce and group customers, and carried out strategic cooperation with e-commerce websites such as good buy, Amazon, etc., and gradually carried out a win-win and win-win cooperation mode between new channel businesses and national franchisees, and actively explored new ones. profit Growth engine.

From the perspective of the main business, the three main businesses outer wear Its contribution to revenue is increasing. The 2009 annual report shows that there is little difference in gross profit margins between outdoor clothing, outdoor footwear and outdoor equipment, with revenues of about 170 million yuan, 66 million 780 thousand yuan and 55 million 360 thousand yuan respectively. Gross margins were 48.26%, 46.12% and 48.87% respectively. In comparison, the outdoor clothing of business income increased the most, about 48.61%, and the other two increased by 20.19% and 6.43% respectively.

According to the 2010 annual report, outdoor clothing revenue was about 300 million yuan, and the proportion of revenue increased to 67.39%. Outdoor footwear and outdoor equipment were about 94 million 510 thousand yuan and 46 million 450 thousand yuan respectively. On the increase in revenue, outdoors clothing was as high as 69.93%, outdoor footwear 41.52%, and equipment reduced by 16.09%.