Although Sales Of BELLE Footwear Business Are Growing, There Is Still A Gap Between Daphne And Other Brands.

(1880) although the footwear business continued to maintain double-digit growth last year, it was affected by the adverse economic environment. The growth of same store sales in the second half of last year was significantly lower than in the first half.

In the fourth quarter, the same store grew by 8.2%, and the same store growth in the first quarter of this year was further down. It only recorded a 2.8% increase in the low unit number, while the sports apparel business in the same store decreased by 2.4%.

As the whole industry still has too much inventory pressure, it leads to frequent price reduction activities and damages the gross profit margins and profitability of many enterprises.

Most of the group's sales outlets are located in department stores, and the brand effect makes them strong bargaining power, and the franchise fee is relatively low.

The gross profit of the two major businesses has been slightly improved, and only in the short run is there a big increase.

In addition, the business models of the two types of business are different. The sportswear business is mainly based on distribution agents, while footwear business focuses on its own brand. Sales of footwear business are growing faster than that of sports, and their profits differ. Last year, the gross profit margin of footwear business was 68.8%, much higher than that of sports apparel 36.6%.

At present, the group is the world's largest Adidas distributor and the two largest Nike distributor. After the successful acquisition of "BigStep Limited", it can produce synergies with other businesses and enhance profitability.

The Group expects BigStep to bring in close to 2 billion yuan (RMB, the same below) revenue per year.

In addition, under the cooperation of the existing sales channels, the group has set foot in the middle and low grade women's shoes market with "fifteen minutes" brand, but the business is at the initial stage, temporarily difficult.

(210) comparison of existing scale.

It is worth noting that although the group replenishment orders are faster and take up to 20 days, the stock turnover days of footwear continued to rise last year, increasing from 23.4 days to 202 days, and the total stock amount increased by 34% to 6 billion 520 million yuan.

The group's capital expenditure increased from 31 cents per share in 2010, including a total of 20 points in the interim and final special dividend, a sharp decrease of 5 to 15 last year and a dividend payout rate of less than 30%.

On the trend, in April 13th, the "big candle" put on 10 days and 20 antennas. The STC% K line continued to go higher than the%D line in the overbought area, MACD maintained the cattle gap, and the finishing material could be added again. It could be less than 14.4 yuan (HK $, the same below), and the rebound resistance was 15.7 yuan, not dropping 13.8 yuan.