2016 In The First Half Of The Year, The United States And The United States Went Up In Fashion, Up By 10% Over The Same Period Last Year.

First half of 2016

Operating income of 3 billion 74 million yuan, an increase of 10.75% over the same period, net profit loss of 60 million 190 thousand and 800 yuan, representing a reduction of 36.48% over the same period last year.

The direct business revenue increased by 13.24% over the same period last year, and the franchise business continued to decline and revenue grew by 7.08%.

Over the past two years, the United States has thousands of clothing stores.

In the 2013 annual report,

At the end of the year, there were nearly 5000 stores. By the end of 2015, the number of outlets and franchisees owned by the whole country had been reduced to more than 3700.

Judging from this year's report, the situation is improving.

The company opened 100 new businesses in the first half of the year, and now has more than 3800 outlets and franchisees.

Compared with the increase in the number of stores, direct and franchising channels are showing positive growth at the same time, which is a bright expression. This is the first time that the company has achieved positive growth in operating revenue in the past 3 years, reversing the previous decline.

In addition, it is split according to category.

Revenue grew 11.8% over the same period, and women's clothing business grew by 4.9% over the same period last year.

As direct channel sales revenue contributed nearly 6, the gross profit margin involved in direct channel declined by 3.2 percentage points, and the gross profit margin of the company dropped by 1 percentage points to 44.7%, but the gross profit margin of the franchise channel increased to 39.77%. The cost rate decreased by 3.2% to 42.4% during the period, mainly due to the decrease in the wages and decoration costs in the selling price, and the decrease in the consultancy fee in the management fees.

It is worth noting that even in order to control costs, the cost is reduced, but in the first half of this year, the company increased investment in advertising and paid up to 74 million 190 thousand yuan in advertising fees, an increase of 55.18% compared with the same period last year, compared with 126 million yuan last year and only 36 million 240 thousand yuan in 2014.

The company's momentum for the spread of its brand and the promotion of App are not diminished. In this cost, "fan" has been named "wonderful flower" for a long time.

Clothing industry insiders say

At the end of the adjustment period, we entered a weak recovery stage.

The pformation and upgrading of enterprises need to continue to increase brand cultivation, strengthen the importance of product quality, and continuously improve the operation and management efficiency of enterprises through the upgrading of quality and service.

although

In advertising, huge investment, but adhere to the online and offline synchronized development strategy, burning money is inevitable.

At present,

Compared with the end of last year, the inventory dropped by 13.3% to 1 billion 625 million yuan, and the book balance of the inventory was slightly lower than that of the beginning of the year. However, due to the fact that the provision for depreciation in the current period was nearly 30 million yuan, the book value of inventory reflected a significant decrease compared with the beginning of the period.

Inventory turnover days increased by 36 days to 185 days compared with the same period last year, and also reached a high level in the past five years.

In addition, the increase in payments was increased by 45.22% to 321 million yuan compared with the beginning of the period and the net cash flow from operating activities was reduced by 174 million yuan compared with the previous year.

In the first half of the year, the investment and fund-raising activities showed that the net outflow of cash and cash equivalents reached 400 million yuan at the end of the term, reaching 749 million yuan at the end of the year.

The total amount of money in the company dropped to a low level in recent years. In the first half of the year, the company's currency was 887 million yuan.

In the special note, the difference between the cash in the balance sheet and the cash and cash equivalents in the cash flow statement is precisely the difference between the cash and cash equivalents in the cash flow statement.

The margin part of a bank's acceptance line.

After calculation, the interface news found that the data in the current report serious anomalies, compared with the end of 2015 the size of 45 million yuan, in the first half of 2016 surged two times to 139 million yuan.

What is the concept? From the proportion of monetary capital to total assets,

The current ratio is 13.96%, the lowest level since the second half of 2013, which is directly related to the decline in absolute value of monetary funds.

In addition, from the perspective of the relationship between Monetary Fund and sales scale, this period

The ratio of monetary funds / sales is 28.87%, and the value of Semir clothing (002563.SZ) is 48.29%.

In the first half of the year, the financing activities were basically blank. In the circumstances of such ample funds, only 300 million yuan of short-term loans were obtained, of which 114 million yuan was short term loans acquired in the form of commercial acceptance discounts, and it also paid 500 million yuan in debt.

about

There may be two reasons for the sudden increase in the margin of the bank's acceptance bank's credit line: first, the progress of the fixed increase scheme introduced in November 2015 is not smooth enough. In addition, the company's actual controllers encountered the Xu Xiang incident in the first half of the year. The company's financing channels were not smooth. The company looked for all the financing channels, increased the liquidity of the funds through bank acceptance bills, and improved the efficiency of fund utilization. On the second hand, as the second largest shareholder of Huarui bank, the company was also supporting the development of Huarui bank as much as possible, and the investment income of this company increased by 6 times, mainly due to the contribution of Huarui bank.

In November 2015, the 4 billion 500 million yuan fixed increase plan has been extended from 12 months to July 17, 2017. How should the company mitigate the situation?