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Bosideng released its 2015 results and achieved improvement in operational efficiency
On the evening of June 29, Bosideng (03998.HK) released its annual results announcement for the year ended 31 March 2016. During the Reporting Period, due to the efforts of controlling overall expenses, actively cleaning up inventories and optimizing retail network, Bosideng's net profit increased 112.5%. Operating profit and cash flow also improved as compared with last year. In recent years, the slowdown in China's overall economic growth has led to the sluggish domestic demand growth. The garment industry is facing overcapacity and a decline in brand competitiveness. In addition, more and more overseas brands are accelerating the expansion of the business in the Chinese market, making the domestic apparel industry facing the situation Still grim The report shows that, as of March 31, 2016, Bosideng realized revenue of about 5.87 billion yuan, down 8%, of which the brand down jacket business revenue fell 2.5%, non-down business down 18.3%. The main reason is that due to the impact of the domestic macroeconomic environment, Bosideng continued to uphold its business strategy of the previous year, further optimized its retail network and inventory clearance, and implemented more stringent production and product planning to reduce the backlog of inventories in the retail channel. According to the report, Bosideng went to stock market with remarkable results. Total inventory and finished goods inventories both showed double-digit declines of 14.7% and 17.9% respectively. Bosideng executives said during the year Bosideng still continued the strategy of the previous year, clearing inventory in all business areas and optimizing the retail network. With the decisive closure of poorly managed and inefficient outlets and the promotion of self-owned and high-quality retail channels, the average inventory and trade receivables turnover days in retail channels were reduced to 204 days and 67 days, respectively, significantly increasing the rate of return on payments and Enterprise cash flow inflows. With the gradual effect of stockpiling, the Group is confident that the key indicators related to its operations will also return to a more healthy level. The effectiveness of Bosideng's strategy is reflected in other important financial indicators for the year. Data show that as of March 31, 2016, Bosideng operating profit rose 69.8% year-on-year to RMB338 million; net profit of 281 million yuan, an increase of 112.5%. The cash flow from operating activities increased from Rmb390m in the same period of last year to Rmb710m this year. Thus, the board of directors intends to distribute HK2.6 cents per share for a full-year dividend payout ratio of 62.1%. Bosideng cooperated with the brand transformation strategy to continue to close the less competitive sales outlets and optimize and upgrade the high quality and efficient sales network. Although the number of traditional sales channels has been reduced, the Group adopted innovative sales and marketing methods in response to changes in consumption patterns. The report shows that for the first time in the year, the Bosideng brand used a pop-up store to hold a total of six guerrilla stores in prime shopping locations in six key markets of the country from September to December to promote the Group Of the new down jacket products, with innovative display design to attract the attention and flow of consumers, and through a variety of live events, performances, games, etc. to enhance consumer interaction, thereby enhancing brand awareness. The guerrillas reacted favorably to the market, not only successfully creating topics on the ground, obtaining extensive media coverage, but also successfully boosting Bosideng's local sales results. Market competition entered a new era, leading the consumer market led the new consumer trends. Apparel companies should be pragmatic and rational view of consumer market changes, focusing on product research, design innovation, store visual and so on, to provide consumers with premium experience. Turning to the direction of future brand development, Bosideng said the future is a new phase of Bosideng brand reshaping. In order to enhance product differentiation and meet market consumption trends, enterprises will continue to study consumer characteristics of the consumer market in depth and analyze the retail data in depth , More accurate arrangements for the production of various styles of products, including the production plan before the first push in the store for some of the main push products and styles for test marketing to test and understand the market response to formulate the appropriate production and marketing programs. For the main down jacket business, in order to avoid brand overlap, the Group will introduce a brand transformation strategy that better meets the needs of the market and reposition and deploy the brand so that its brand portfolio can better meet the market trend. The original Bosideng brand will continue to be positioned in the high-end fashion design, Bingjie's business focus will gradually shift to online sales. Taking into account the market for the design of the growing demand for down jackets, the Group decided to deviate from the traditional design of Kangbo brand down jacket market, so that the Group can focus resources on other brands. In addition, taking into account that in recent years, more and more consumers are participating in various types of outdoor activities, the snow flying brand, which has been focusing on sports design, will create a full range of outdoor clothing brands. Therefore, the Group will base its down jacket in the original snow , Gradually adding more outdoor apparel products to enrich the product portfolio of the brand in the fly, to provide consumers with more high-performance and cost-effective product choices. For the diversified development of Bosideng, the company also said it will actively make good use of existing resources and the operational experience of strategic investors to explore more promising new clothing business and brands to further strengthen Bosideng in various apparel areas Plate strength, to develop into a multi-brand integrated apparel operators goal. (Source: Ruili network)