Who Says The Clothing Business Is Not Good? In The First Quarter Of Three, In 311 Million,

The first Chinese Golf dress, Limited by Share Ltd, has released its first three quarters performance report in 2019. During the reporting period, the company achieved operating income of 1 billion 323 million yuan in the first three quarters, an increase of 24.95% over the previous year, and realized a net profit of 311 million yuan, an increase of 51.09% over the same period last year. Among them, the net profit of 137 million yuan in the third quarter increased by 64.41% over the same period last year. As of the end of the reporting period, the company has achieved rapid growth in profits for 10 consecutive quarters.


As for the growth of the performance during the reporting period, the company explained that from August 2019's 2020 spring and summer order, the sales channel responded well to the 2020 spring and summer products represented by the the Imperial Palace joint series and the Jiang Yiyan commonweal joint series, and the order growth performance was still excellent. The addition of the bryin brand as a national golf team sponsor will usher in more public exposure in the 2020 Olympic year. The company's holiday tourism clothing brand Venice also released a series of David Baker cartoon series this year. In October, it signed the diving champion Tian Liang and his wife Ye Yiqian as new spokesmen, and the brand publicity continued to be overweight, laying the groundwork for the company's continuous growth.


According to the results of the report, the two quarter single quarter operating income and the net profit of the female parent increased by 22.45% and 17.33% respectively. Excluding the two quarter single quarter 13 million 330 thousand and 700 yuan equity incentive cost impact, mainly benefited from the steady expansion of the company's channels (80-100 stores are expected to be opened throughout the year), the impact of the channel optimization and upgrading (location and expansion area) in the two quarter has gradually emerged in the three quarter, including the continuous improvement of the sales rate and the discount control, making the company's gross profit margin in the three quarter continue to increase by 6.66 percentage points.


Liu Li, an analyst with China Merchants Securities, said that Bryant pays close attention to brand building, leading planning and development capabilities and perfect VIP services to build up good endogenous growth strength, supplemented by multiple formats and channels, so that the company's performance outperforms its peers in a weak market environment.


1, endogenously continue to grow at a high level: bryin pays attention to brand building, R & D input and fabric innovation, and builds product differentiation barriers. At the same time, under the support of quality products and VIP services, as well as the channel upgrading measures of location / expansion / focus on boutiques and large-scale experience shops, the three main brands of the three brands in the same quarter grew at a double-digit level.


2, epitaxy and steady expansion: in the first half of the year, the total number of stores in the company was 798, and Q3 was still expected to open shop. At present, a full channel layout has been formed, covering the national high-end department stores / shopping centers / airport high-speed rail transport hub / golf course and online Tmall flagship store.


3, Be Meleven's Tourism Holiday brand is officially launched and is expected to be launched in 2020. At the beginning of 2018, bryin launched a brand new tourism holiday brand, Venice, which consisted of parent-child clothing and lovers' clothing, which could solve the dress requirement of family outing one stop. In October this year, Tian Liang and Ye Yiqian became the brand spokesmen, and the main channels were shopping centers and high-end department stores. By the end of 19, the number of stores is expected to reach 80. At present, it is still in the brand incubation stage. It is expected to enter the main expansion period in 2020 and become a new growth point in the company's performance.


Liu Li believes that in the context of consumer upgrading, brand building to create high quality differentiated tonal become a ticket to enter the high-end market. At present, the development capability of the product is strong and has the foundation of developing high-end market. The growth strength of the same store is better than that of the same industry in the weak market environment. It is expected that this year will continue to maintain double-digit growth in the same store. At the same time, combined with the optimization of the store area and location and the incremental contribution of the new brand, it is expected that this year's extension will contribute to double digit growth.


In September, the company announced that it would raise funds of convertible bonds instead of more than 689 million yuan, which would be used in the three directions of investment marketing network upgrading, supply chain Park and R & D center construction. According to the insiders, the performance of the device was excellent. With the expansion of channels and operational efficiency, business profit growth is expected to increase.


GF Securities researcher Mi Hanjie is more optimistic about the acceleration of the fourth quarter performance and the high growth in the next three years. In its view, first of all, in addition to strengthening brand publicity, the fourth quarter is the traditional peak season for clothing, and this winter is earlier in the north, which is conducive to the sale of the winter clothing of bryin. Secondly, the main brand has a large store space, and the market capacity is expected to reach 1500 to 2000. Third, the average single store efficiency is expected to maintain double-digit growth, the sports apparel industry is expected to continue to boom, and the company's product category continues to enrich, channels continue to optimize, and continuous improvement of operational capacity. Fourth, it was fully encouraged by the company and launched two phases of the employee stock ownership plan. Finally, the state issued a document to stimulate the potential of tourism consumption, which is better than the brand of Venice.