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Over 800 million in inventory is suspected of falsely increasing profits

2019-3-11 14:32| 发布者: 左二爷| 查看: 200| 评论: 0|来自: 四川耍耍网www.scshuashua114.com

摘要: As a well-known clothing brand in China, Jiumuwang Men's Trousers has been leading the domestic men's trousers Market for 18 consecutive years. However, in the past 10 years, the company has not been ...
As a well-known clothing brand in China, Jiumuwang Men's Trousers has been leading the domestic men's trousers Market for 18 consecutive years. However, in the past 10 years, the company has not been able to break through the bottleneck of development.

Jiumuwang was listed on the A-share main board on May 30, 2011. Since its listing, its business income has been hovering around 2.2 billion yuan, and its net profit (which belongs to the shareholders of listed companies) is also about 500 million yuan. During the same period, the gross and net interest rates of the company also showed no significant increase.

Correspondingly, the tide of Jiumuwangguan was rising. In 2012, the total number of stores off the Jiumuwang Line was 3 264, compared with 2 694 at the end of June last year, a net decrease of 570, of which 657 were Joeone stores. Regardless of opening stores, in less than six years since 2013, the company has closed 1624 stores, more than half of the total number of stores during peak hours.

Facing the situation, besides closing the shop to stop bleeding, Jiumuwang also carries out industrial support, adds the yardstick fashionable young brand FUN, indirectly involves in cultural education film and television, etc. Earlier this month, the company earned a profit of 160 million yuan by reducing its stake in Caitong Securities, which can also prove that subsidiary industry is feeding back.

It is worth noting that the problem of Jiumuwang's high inventory is still outstanding. By the end of September last year, its inventory had reached 826 million yuan, close to 40% of its current assets. Not only that, the company is also suspected of increasing profits by lowering prices. In 2017, although the proportion of goods in stock has reached 10%, the proportion of goods in stock in one year is less than 1%, and the proportion in one to two years is less than 10%, which is lower than that in the same industry.

Last week, an interview letter was sent to Jiumuwang on business performance, transformation and other issues. As of the deadline of this paper, no response had been received.

Net revenue has stagnated since listing

Jiumuwang, with the reputation of "King of Trousers", failed to keep pace with the times in terms of business performance, but it was difficult to maintain.

Up to now, Jiumuwang has not issued a performance report and forecast. Judging from its business performance in the first three quarters of last year, the overall performance is relatively flat.

According to the data disclosed in last year's three-quarter report, its business income was 1.921 billion yuan, an increase of 7.74%, net profit was 3.50%, an increase of 1.86%. Compared with the same period of last year, there is a significant gap.

Jiumuwang is mainly engaged in the design, production and sales of men's business and leisure brand clothing. Although it has strong competitiveness, its business performance is not outstanding.

Data show that in 2009, its operating income and net profit were 1.404 billion yuan and 258 million yuan. During the reporting period of IPO customs breakthrough from 2009 to 2011, business income and net profit grew rapidly. In 2011, they were 2.257 billion yuan and 518 million yuan, respectively, with growth rates of 34.78% and 43.73%. The peak appeared in 2012, with business income of 2.601 billion yuan and net profit of 668 million yuan, increasing by 15.20% and 29.07%, respectively. Since then, business income has fallen to about 2.2 billion yuan and net profit has fallen to about 400 million yuan.

Over the same period, the company's combined gross profit rate hovered around 56%, the highest 57.96%, the lowest 47.90%, the net interest rate remained around 20%, the highest 25.70% in 2012, the lowest 16.95% in 2014.

Over the past eight years, the assets of Jiumuwang have risen and fallen by about 5 billion yuan, up from 5.741 billion yuan at the end of September last year, an increase of only about 1 billion yuan compared with the beginning of listing.

Over the same period, R&D investment has changed little, with a maximum of 0.28 billion yuan in 2013 and 0.23 billion yuan in 2017, which is close to the average level since the listing.

Business fails to break through the bottleneck of development. In response to market changes, Jiumuwang frequently adjusts offline stores.

Since listing, Jiumuwang has raised 2.64 billion yuan in IPO and 200 million yuan in debt, totaling 2.844 billion yuan. In the project of raising and investing, the construction of marketing network is mainly carried out. What is the actual situation?

At the end of 2010, the company had 2710 stores on the eve of listing, and by the end of 2012, it had 3264 stores. This is the peak of the number of its stores, and since then, both opening and closing stores coexist, and more are closing stores.

According to preliminary statistics by correspondents of Changjiang Business Daily, from 2013 to 30 June last year, the number of net closure stores was 140, 179, 153, 13, 146 and 64, totaling 565 (570 considering the merger of some brand stores). Among them, Joeone, as its core brand, had 3,087 stores in 2013, and 2,370 stores at the end of June last year, with a total net decrease of 717 stores, accounting for about a quarter of the total number of its peak stores. In fact, if only the number of stores closed is calculated, the total number of stores closed since 2013 has reached 1624 (net decrease in 2013 and 2014).

There is no doubt that the timely closure of the loss of more serious shop stop loss, the business performance of Jiumuwang caused no small impact. In 2015 and 2017, its net profit increased by more than double digits, which was also the peak of its stores in the past two years.

The proportion of Stock Withdrawal in one year is low

The Nine Herdsmen King who suffered from the mid-life crisis also faced the problem of high inventory, which has been pending for a long time.

Jiumuwang's stock has soared since its first year on the market. At the end of 2010, its inventory was 449 million yuan, and soared to 722 million yuan in 2011, an increase of 60.80%. From 2012 to 2017, the inventory was 650 million yuan, 625 million yuan, 593 million yuan, 584 million yuan, 736 million yuan and 739 million yuan, respectively.

In order to solve the problem of high inventory, Jiumuwang also consciously reduced inventory, among which the most important measure is to close stores and reduce inventory. According to the above data, 317 new stores and 330 closed stores were opened in 2016, with a net decrease of 13. Inventory increased by 152 million yuan, an increase of 26.03%. In 2017, 146 stores were closed, and the stock increased by only 3 million yuan.

By the end of September last year, the inventory balance of Jiumuwang was 826 million yuan, accounting for 38.98% of the current current current assets, and there was a significant increase again. The company's inventory turnover days are 256.22 days, which means that the company's inventory turnover needs 8 months, but in the apparel industry.

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