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La Chapelle's performance continues to decline

Posté le 10/5/2019 à 08:34 - 0 Commentaires - poster un commentaire - Lien

The domestic women's brand Shanghai La Chapelle Clothing Co., Ltd. (hereinafter referred to as "La Chapelle") released its Zaful Coupons first quarter earnings report for 2019. According to financial report data, La Chapelle's net profit for the reporting period was only 9.751 million yuan, down 94.4% year-on-year. However, in the state of losing money for years, La Chapelle is still arbitrarily acquiring a loss-making French clothing brand, which is really puzzling.

The performance continued to fall and was inquired

It is understood that La Chapelle landed on the Hong Kong Stock Exchange in September 2014, and issued A shares in September 2017 to achieve A+H simultaneous listing. The company currently has several brands such as LaChapelle, Puella, Candie's, 7m and LaBabité. Although the company has a large number of brands, from the data disclosed in the financial report, the company's performance has been retrogressing in the past two years. It is reported that from the second quarter of 2018 to the first quarter of 2019, La Chapelle's net profit fell sharply for four consecutive quarters, even in the fourth quarter of 2018.

As of May 8, La Chapelle's share price closed at 7.26 yuan, has fallen below the issue price of 8.41 yuan, down 76.89% from the highest point of 31.42 yuan. Its total market capitalization is only 3.175 billion yuan, which has shrunk by 73.31% from the high point of 11.987 billion yuan. From 2016 to 2018, the net profit attributable to shareholders of listed companies was 532 million yuan, 489 million yuan, and -160 million yuan.

After La Chapelle disclosed the 2018 annual report, the decline in performance also caught the attention of the relevant departments. On April 10, the Shanghai Stock Exchange issued a letter of inquiry to La Chapelle, involving more than 20 questions, asking La Chapelle to further disclose whether the company's operating performance is consistent with the development of the industry and similar products, and specifically analyze the company's operating income, gross. The reasons for the significant decline in interest rates and net profits. However, after two applications were postponed, La Chapelle was able to respond to this morning.

Closing the store while closing the house

According to the annual report, as of the end of 2018, La Chapelle had a total of 9,269 direct sales cabinets. However, in just three months, La Chapelle closed more than 1,600 stores to reduce the "inefficient investment of resources."

It is worth noting that La Chapelle has not stopped acquiring other brands in the state of losing money for years. In 2018, the company issued a statement saying that it plans to invest 20 million euros to acquire a 40% stake in France's Naf Naf SAS, and the delivery was completed in June of the same year. In November, La Chapelle said it will continue to plan to acquire a 100% stake in Naf Naf SAS for a total of 35.34 million euros. In March of this year, the company said that the transaction delivery conditions have not been met, and the final date of the delivery is postponed to July 1, 2019.

However, this French brand with nearly 500 stores around the world is not as powerful as it seems. According to the announcement, Naf Naf SAS's revenue in the first half of 2018 was approximately 89.89 million euros, with a net loss of 3.42 million euros; the full year 2017 loss also reached 6.5 million euros. Whether La Chapelle’s shot was a good card or a bad card, wait and see.

Plans to sell 200 million yuan of equity in the company

On the evening of May 7, La Chapelle issued three related announcements in succession to the sale of equity and related party transactions of the holding subsidiaries. According to the disclosure, the company will sell 54.05% of the equity of Hangzhou Yishang E-Commerce Co., Ltd., and the equity transfer price of the transaction is 200 million yuan.

La Chapelle said in the announcement that the sale is a decision made by the company based on accelerating transformation and making business adjustments. At present, La Chapelle is in the key stage of combining the company's development strategy to sort out the existing brand matrix and concentrating the superior resources to play the competitive advantage of the core brand.

Market investors believe that this adjustment is related to the company's recent large-scale performance.


Pandora wants to increase online marketing in China

Posté le 10/5/2019 à 08:29 - 0 Commentaires - poster un commentaire - Lien

Pandora A/S (CPH: PNDORA), which recorded “expectedly” weak performance in the first quarter, Pandora announced further layoffs and will start to increase marketing budgets in major markets including China from this month and restart Pandora. Pandora is a Danish silverware brand.

Pandora A/S (CPH: PNDORA) soared 7.2% to 288.7 DKK on Monday. In 2016, the stock broke through 1,000 DKK because the growth and profit warnings plunged 27% and 61% in 2017 and 2018, and entered the 2019 young micro rebound 8.8%.

In the first quarter, Pandora A/S Pandora Coupon Codes achieved a revenue of 4.804 billion Danish kroner (about 720 million US dollars), a decrease of 6.1% from DKK 5.115 billion in the same period last year, and a 8.0% reduction after the exchange rate effect, basically in line with market expectations. The organic growth rate is -12%, which is much higher than the annual target of -3% to -7%. The decline in the flow of major physical stores has led to a 10% drop in overall comparable sales. The strategy of reducing discount sales to protect brand value has also hit. Consumers are willing to buy, while comparable sales in the electronics store are growing by 7% in the US.

During the period, nearly 1 million orders helped the e-commerce business to generate 10% of the revenue for the group. The management revealed that their online shopping return rate was only 5%, far below the industry average of 20%.

Pandora A/S Pandora released a reorganization plan called "Programme Now" in November last year to revitalize sales and earnings growth by optimizing sales networks, cutting costs, and simultaneously marketing, e-commerce and offline customer experience.

As part of the plan, the group said today that the Thai production base will cut another 1,200 jobs, increasing the number of local layoffs to 1,900 in the past six months. Prior to this, the group had an average daily sales volume of 280,000 pieces in 2018. The group employs about 14,000 people in Thailand, almost half of the total number of employees worldwide.

In the first quarter, string sales, which contributed more than 50% of the revenue to the group, fell 17%.

Chief Financial Officer Anders Boyer said they will double their marketing investments in China, Italy and the UK, and increase the use of stars and nets to stimulate sales. Alexander Lacik, the official who just took office for two weeks, pointed out in his earnings report that “Pandora Pandora brand and company have reached a certain maturity,” so the challenge of regaining growth is quite difficult.

Anders Boyer revealed that China still needs to rely on physical expansion to drive revenue growth, although fixed exchange rate revenue rose 15% in the first quarter, comparable sales fell 4% year-on-year due to increased competition in the industry.

As the largest single market in the United States, fixed-rate exchange sales in the first quarter fell sharply by 12%, same-store sales also recorded a 2% reduction, and e-commerce had a strong growth of 20%.

Destocking policy and income retreat led to Pandora A/S Pandora's adjusted EBIT (excluding restructuring expenses) fell 24.8% year-on-year to DKK 1.083 billion, and adjusted EBIT margin fell sharply from 28.2% in the same period last year to 22.5% , far behind the 26%-28% annual target. The group will start repurchasing inventory from the end of the second quarter.

Despite this, management reiterated its annual performance guidance. Same-store sales are expected to record a median single-digit decline. The capital expenditure budget is DKK 1.2-1.5 billion and a net plan to open 75 stores throughout the year. In the first quarter, the number of net-income stores of the group decreased from 39 to 8 in the same period last year. In the whole year, it plans to close 50 low-performing concept stores globally by the opportunity of lease expiration.

Through "Programme Now", Pandora A/S Pandora hopes to cut the cost of sales and operating expenses of 600 million Danish kronor in 2019 and further cut Danish 600 million in 2020. The management said in today's quarterly report that the plan will support revenue growth as early as the end of 2019.

Pandora A/S (CPH: PNDORA) closed at 281.6 DKK on Monday and narrowed its gains to 4.6%. As of May 6, only three analysts advised customers to buy the stock, and the number at the end of 2017 was 15.


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