31St 40% Decline In Performance In The Second Half Of 2012 And Demand For Reduced Orders

< p > it is worth noting that the early warning results of "a href=" http://www.91se91.com/news/index_c.asp "> Lining < /a > and XTEP international have only indicated that the annual performance of 2012 will decline, while the 360 degree gives a specific decline.

One investor told the author, "if the annual performance fell to 40% in 2012, the net profit in the second half of last year will be less than 100 million yuan."

And in October last year, Bank of America, 31st largest shareholder, increased its holdings again.

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< p > < strong > declining performance in the second half of last year < /strong > < /p >

This year, P has repeatedly released the good fortune of 331 degrees. It is still difficult to escape the fate of a sharp decline in performance, making many investors unprepared.

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< p > as the 4 largest sports brand in Jinjiang, Anta sports, PEAK sports, XTEP international and 31st degree were not ideal in the first half of this year. Besides XTEP international maintained a slight increase of net profit of 0.3%, other brands declined.

Compared with the first half of, the net profit of the first half of the year was 43% lower than that of the first half of the year, and the net profit of 331% dropped 22.9% compared to the same period last year, ranking the bottom second.

Moreover, the turnover in the first half of the year was 2 billion 869 million yuan, down 9.9% from the same period last year. This data is also better than the Anta sports in Jinjiang sports brand. Anta sports turnover in the first half of 2012 was 3 billion 934 million yuan, down 11.6% compared with the same period last year.

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At the same time, compared with other brands, P released a lot of optimistic signals last year.

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< p > on the one hand, Bank of America, a major shareholder of 31st degree, increased its holdings in October 12th last year, which cost HK $5 million 600 thousand and increased 2 million 550 thousand shares.

But PEAK sports has been sold by shareholders.

In December 17, 2012, the stock exchange data of the stock exchange showed that PEAK sports was reduced by 54 million 4 thousand and 700 shares of Sequoia Capital in December 12th, with an average price of 1.27 yuan per share, 68 million 586 thousand yuan in capital and a decrease in shares from 6.22% to 3.65%.

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< p > on the other hand, last year's order meeting data showed that the total order volume of the 31st order 2012 winter order will still increase by 2%, in addition, the total order volume of children's wear board is increased by 20%.

Not only that, but also in the 2012 semi annual report, more than one account receivable in the first half of 2012 also began to arrive after August 2012.

Meanwhile, the stock in the first half of last year slowed down.

But behind these optimistic signals is a decline in performance.

And the 40% decline is far beyond the expectations of investors.

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< p > "this kind of profit warning is too surprising. I think it's outrageous."

One investor told reporters.

Another investor told reporters that "the performance decline of 360% in 2012 has reached 40%, which is totally out of line with the order meeting".

At the same time, the investor made an account of the net profit of $331 in 2011, which was 1 billion 136 million yuan. If the following slide 40% is calculated, the net profit in 2012 will decline to 680 million yuan.

According to the first half of the financial report, as of June 30, 2012, the net profit of 31st degree was 597 million yuan, and the net profit of the company in the second half of 2012 was only about 100 million yuan.

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The P report showed that the company's performance declined in the first half of 2012, partly due to the delay in the accounts receivable of the 2012 winter order meeting, and that it began to take in after August 2012.

This also means that some of the revenue in the first half of 2012 was put into the second half.

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< p > the author asked the investor's hotline, but as of press release, there was no response.

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< p > < strong > distributor has asked to reduce partial orders < /strong > /p >

It is regrettable that most of the similar sports brand data have not yet been released, and no comparison can be made yet. < p > in the second half of 2012?

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< p > a senior analyst in the industry said, "if the data of 31st degree are true, it can be estimated that other brands of the same category will not perform very well in the second half of 2012.

The reason for the decline is closely related to the decrease in inventory channels and the increase in the number of bad debts in the second half of 2012. "

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< p > 31 degree is very similar to the problems faced by all enterprises in the industry. Terminal sales slowdown, inventory increase and channel pressure surge result in declining performance.

In the 2012 semi annual report, the company said, "the decrease in profits is mainly attributable to China's sports a href=" http://www.91se91.com/ "target=" _blank "> clothing < /a > the industry faces a challenging situation, because the industry inventory and retail discount continue to be at a high level of pressure, so that the industry's performance in 2012 years has been continuously involved in fierce competition, resulting in overall sales reduction, gross margin pressure and sales costs rising over 2011.

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< p > 31st degree explains that the reason for the slowdown in 2012 is that, in the first half of 2012, the retail sales of the company's franchise network were satisfactory in a difficult market environment. In the first half of 2012, the group's turnover was 2 billion 870 million yuan, and 2011 was 3 billion 190 million yuan, a decrease of 9.9%.

The main reason is that the products will be reduced in autumn and winter 2012.

Of particular note is that, due to the excessive pressure on the channel, distributors began to reduce orders for nearly two orders and unproductive orders, so as to speed up the clearance of retail level inventory.

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At P, the average wholesale price of a href= "http://www.91se91.com/" target= "_blank" > shoes < /a > products increased by 14.3% in the first half of last year, but sales decreased by 26% compared with the same period last year. On the other hand, the sales volume of clothing increased by 8.2%, but the average selling price decreased by 24.2%.

It can be seen that in order to ensure sales volume, and clean up channels and inventory, 360 degrees eventually had to sacrifice gross margin.

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< p > the industry insiders also said that Lining, PEAK sports and China trend reduced 952 stores, 747 homes and 569 stores in the first half of 2012. The reason behind the closing strategy is to reduce inventory pressure.

"If a href=" http://www.91se91.com/news/index_h.asp "> 360 /a < > the second half of 2012, the performance decline will be too great. I am afraid that the strategy of closing the store will also be considered.

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