The Gap Is Closing! Performance Analysis Of Women'S Clothing Listed Enterprises In The First Quarter

From the performance of A-share women's wear listed enterprises in the first quarter of 2019, the net profit of seven women's wear listed enterprises increased and decreased, and the gap between enterprises was narrowing.

La Chapelle's revenue is 2.372 billion yuan

In the first quarter of 2019, La Chapelle realized an operating revenue of 2.372 billion yuan, down 6.94% year on year; The net profit attributable to shareholders of the listed company was 9.751 million yuan, down 94.4% year on year. By the end of March 2019, the number of outlets of La Chapelle Group was 7653, a net decrease of 1887 from 9540 at the end of March 2018.

By brand, except for the children's wear brand 8eM, which maintained a rapid growth rate, the revenue increased by 30.64% year on year, other brands of the Group showed a downward trend. La Chapelle said that the main reason for the year-on-year decline in revenue in the reporting period was that the company accelerated the adjustment process of offline channels, closed loss and inefficient direct stores to reduce the ineffective input of resources. By the end of March 2019, the number of stores and outlets of the company was 7653, compared with At the end of March 2018, the number of 9540 stores decreased by 1887, and the number of stores decreased by 19.78%; The company's main women's wear brands La Chapelle Puella、7 Influenced by such factors as the decrease of the number of direct stores, the decline of terminal passenger flow, and the increase in the proportion of sales of out of season products, the revenue of Modifier and La Babit é in the first quarter decreased year on year 26.65%, 29.76%, 22.91% and 23.06%. The decrease in net profit is mainly due to the implementation of new leasing standards, resulting in a decrease in net profit of 1168% in the current period If this factor is not considered, the net profit attributable to shareholders of the listed company in the first quarter of the year will decrease by 87.69% on a year-on-year basis.

Lucie's revenue is 722 million yuan

In the first quarter of 2019, Lucie realized an operating revenue of 722 million yuan, up 7.22% year on year; The net profit attributable to shareholders of the listed company was 52.7674 million yuan, down 12.54% year on year.

The company's main business covers four business systems, namely women's clothing, infant children, medical beauty and asset management. In the women's clothing market, Landsea has its own brands, Landsea Lancy From 25 and Rhine Lime Flare、 Marie n ° mary, Liaalancy, agency brands Mojo S. Phine, Jigott Fabiana Filippi, Dewl, etc.

Vignes has a revenue of 688 million yuan

In the first quarter of 2019, Vignes realized an operating revenue of 688 million yuan, down 8.71% year on year; The net profit attributable to shareholders of the listed company was 13.2901 million yuan, down 79.59% year on year. By the end of March 2019, Vignes had 1381 stores, including 152 VGrass stores, Teenie There are 1228 Weinie stores and 1 Jixiang Yunjin store.

VGrass, Lucky Cloud Brocade Teenie For the three brands of Weenie, VGrass's revenue in the first quarter was 184 million yuan, down 12.24% year on year; The revenue of Lucky Cloud Brocade was 4.7156 million yuan, down 1.64% year on year; Teenie Weenie is the brand with the largest contribution to the Group's performance. Its revenue in the first quarter was 498 million yuan, down 7.89% year on year. In addition, Wigner's online revenue in the first quarter was 85.7646 million yuan, down 8.59% year on year; The offline revenue was 602 million yuan, down 7.8% year on year.

Golith's revenue is 623 million yuan

In the first quarter of 2019, Golith realized an operating revenue of 623 million yuan, up 8.32% year on year, and a net profit attributable to shareholders of listed companies of 89.1632 million yuan, up 11% year on year. By the end of March 2019, Golith had 591 stores in total. During the reporting period, offline sales of Golith reached 545 million yuan, accounting for 96.22% of the total revenue; Online sales amounted to 21.386 million yuan, accounting for 3.78% of the total revenue.

Golith has Ellassay, Laur è l Ed Hardy、IRO、Vivienne Tam 、 6 fashion brands including Jean Paul Knott. In the first quarter of 2019, the main brand ELLASSAY's operating revenue was 253 million yuan, up 6.42% year on year; Laurel's income was 23.9916 million yuan, down 8.91% year on year; Ed Hardy and Ed Hardy X's revenue was 124 million yuan, up 6.19% year on year; The revenue of IRO (excluding China) was 144 million yuan, up 2.09% year on year; the revenue of IRO China was 16.8081 million yuan, up 270.74% year on year; The revenue was 4.3943 million yuan, up 454.11% year on year. Golith said that IRO and Vivienne During the reporting period, the Tam brand developed rapidly and its performance grew rapidly. The IRO brand is mainly engaged in distribution business worldwide, and its gross profit margin of distribution business is slightly lower than that of other brands under the company, which has lowered the overall gross profit margin of the company.

Disu Fashion's revenue is 584 million yuan

Disu Fashion achieved an operating revenue of 584 million yuan in the first quarter of 2019, up 13.53% year on year; The net profit attributable to shareholders of the listed company was 195 million yuan, up 32.58% year on year. By the end of March 2019, Disu Fashion had 1048 stores in total.

The existing DAZZLE DIAMOND DAZZLE, d 'zzit and RAZZLE achieved a revenue of 335 million yuan during the period, up 12.83% year on year; DIAMOND DAZZLE's revenue was 48.6035 million yuan, up 14.77% year on year; D ′ zzit's revenue was 194 million yuan, up 15.09% year on year; The revenue of RAZZLE, a menswear brand listed in September 2017, was 4.5957 million yuan, up 0.28% year on year. In addition, the online sales of Disu Fashion in the first quarter of 2019 were 70.9324 million yuan, a year-on-year increase of 24.99%; Offline sales reached 511 million yuan, up 12.21% year on year.

Anzheng Fashion's revenue is 553 million yuan

Anzheng Fashion achieved an operating revenue of 553 million yuan in the first quarter of 2019, up 41.46% year on year; The net profit attributable to shareholders of the listed company was 102 million yuan, up 10.51% year on year. As of March 31, 2019, Anzheng Fashion had 957 stores in total. During the reporting period, Anzheng Fashion's online sales grew rapidly, with online revenue of 235 million yuan in the first quarter, accounting for 42.7% of the total revenue; Offline sales amounted to 316 million yuan, accounting for 57.3% of the total revenue.

Anzheng Fashion has four women's clothing brands: JZ Jiuzi, IMM Yin Mo, MOISSAC Mosak, FionaChen Fionachen, ANZHENG men's clothing brand, and Anaco women's clothing Internet e-commerce brand. In the first quarter of 2019, the main brand Jiuzi's revenue was 267 million yuan, up 8.25% year on year; Yin Moying received 55.3481 million yuan, down 10.11% year on year; Anzheng's revenue was 27.1731 million yuan, up 3.78% year on year; Mosak's revenue was 4.587 million yuan, down 37.69% year on year; Feinachen's revenue was 24.3372 million yuan, down 35.57% year on year; Anako's revenue was 3.6215 million yuan, down 50.9% year on year.

Daily fashion revenue reached 276 million yuan

In the first quarter of 2019, Nissan Fashion achieved an operating revenue of 291 million yuan, up 5.46% year on year; The net profit attributable to shareholders of the listed company was 4.6651 million yuan, down 71.99% year on year. During the reporting period, the offline sales of Nippon Fashion reached 265 million yuan, up 5.22% year on year; Online sales reached 21.12014 million yuan, down 2.13% year on year. As of the end of March 2019, there were 1041 stores of Daily Fashion.

There are five brands of broadcast fashion PERSONAL POINT, CRZ, MUCHELL, and broadcate. Two new brands, Muche MUCHELL and Broadcute, have been in operation since 2018. The main brand Broadcast in the first quarter of 2019: broadcast revenue reached 238 million yuan, up 7.99% year on year; Personal Point's revenue was 6.0613 million yuan, down 18.22% year on year; CRZ's revenue was 35.3603 million yuan, down 22.48% year on year; The new women's wear brand MUCHELL has a revenue of 5.1136 million yuan; The revenue of children's clothing broadcate was 1.6026 million yuan. According to Nippon Fashion, the company started to operate two new brands, MUCHELL MUCHELL and Broadgate, in the second quarter of 2018. The operating performance of the new direct stores still failed to meet expectations. Affected by the high base in the first quarter of 2018, the net profit attributable to shareholders of the listed company decreased by 71.99% year on year.

In the first quarter, the gap between A-share women's wear listed enterprises approached

From the performance of A-share women's wear listed enterprises in the first quarter of 2019, the net profit of seven women's wear listed enterprises increased and decreased, and the gap between enterprises was narrowing.

From the perspective of operating revenue, the highest revenue in the first quarter was La Chapelle's 2.372 billion yuan, followed by Lucie's 722 million yuan and Vignes's 688 million yuan. In terms of the growth rate of revenue over the same period, Anzheng Fashion has the highest growth rate of 41.46%, followed by Disu Fashion of 13.53% and Golis of 8.32%. Among the seven women's wear listed enterprises, La Chapelle and Vignes showed a trend of revenue growth and decline over the same period, while the other five women's wear enterprises achieved positive revenue growth over the same period in the first quarter.

From the perspective of net profit, the three women's wear enterprises, Golis, Disu Fashion and Anzheng Fashion, achieved positive growth in net profit in the first quarter, while the other four women's wear enterprises showed a downward trend in net profit in the first quarter, of which La Chapelle dropped the most sharply, reaching 94.4%, while the net profit in the first quarter of Vignes and Nippon Fashion also showed a sharp decline of 79.59% and 71.99% respectively. The highest net profit of seven A-share women's clothing listed enterprises in the first quarter was 195 million yuan from Disu Fashion, followed by 102 million yuan from Anzheng Fashion and 89.1632 million yuan from Golis.

Combined with the performance of women's clothing listed companies in 2018, we can see that La Chapelle, who once ranked first in the net income of women's clothing listed companies for a long time, experienced operating losses for the first time in 2018, and the net income showed a downward trend. Although the revenue of La Chapelle in 2018 reached 10.176 billion yuan, the annual net profit was only 159 million yuan, which has lagged behind most women's clothing listed enterprises. In the first quarter of 2019, although the revenue of La Chapelle still ranked first among the seven women's wear enterprises, the gap between the total sales revenue and other women's wear enterprises has significantly narrowed. At the same time, the net profit of La Chapelle in the first quarter was only 9.751 million yuan, and the downward trend still did not improve. It is easy to see from the net profits of La Chapelle and other enterprises that the gap between women's wear listed enterprises is gradually narrowing, and women's wear groups are evenly matched, and the competition in the women's wear industry will become more intense in the future.

From the overall performance of A-share listed women's wear enterprises in 2018 and the first quarter of 2019, the domestic women's wear market is still in a relatively segmented market, with relatively low market concentration and fierce competition. However, there is a lack of hegemonic enterprises and brands, and the growth stage of international fashion groups. There is no doubt that the women's wear market has huge development space. For a long time in the future, the development theme of women's wear enterprises will still be the integration, transformation and scale expansion that we have mentioned many times. In the new round of growth cycle in the future, we believe that with the acceleration and in-depth development of the transformation, adjustment, remodeling and upgrading of local women's wear enterprises, the market share will gradually concentrate on leading brands of leading enterprises, and the competition pattern of the industry will gradually be optimized and clarified.