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Daphne'S Same Store Sales Grew 17%&Nbsp In The First Half Of The Year, Better Than Market Expectations.

2011/7/22 14:22:00 49

Daphne Market

  

Daphne

In the first half, same store sales increased by 17%, mainly due to the two quarter increased to 32%, better.

market

Expect.

Sales growth in the same quarter was strong in the two quarter, raising the overall growth rate of the same store in the first half of the year.


In the two quarter, the same store sales recorded an increase of 32%, exceeding the market expectations, thus pushing the company's overall growth in the first half of this year to 17%.

The same store sales growth is strong because: 1) in the two quarter of last year, the shortage of goods caused by the shortage of workers resulted in a low growth rate of 2% in the first half of last year, and a low base; 2) supply chain problems such as shortage of workers and shortages had been comprehensively resolved, and the operational capability of goods was improved; 3) the promotion of marketing campaigns and the product structure were more diversified; 4) sandals were the strong products of the company, and the peak season for sales was more evident in the two or three quarter.

It is expected that the same store growth rate will be maintained in the three quarter of this year, corresponding to the two quarter (the same period last year was 6% to 7%), and it is expected that the same store growth rate will exceed 6% of the management level throughout the year.


Daphne's same store sales in the two quarter recorded a growth of 32% of Daphne, exceeding the market expectations, thereby pushing the company's overall store growth in the first half of this year to 17%.

We believe that the improvement of supply chain promotes the growth of the same store sales in the first half of the year, and the three and fourth quarter are the traditional peak season for sales. It is estimated that the same store sales growth in the second half of the year will exceed the first half of the year, and the annual sales will remain optimistic.

On the other hand, sales

network

The expansion rate will remain stable (504 stores will be added in the second half).

We raised the profit from 11 to 13 years 7.7%, 13% and 16.2% respectively, and estimated that the net profit growth rate of the company in the 11 to 13 years was 22%. We adopted the PE valuation method to give the company a 12 month target price of HK $20 times.

Target price is 27% higher than yesterday's closing price, reiterates buy rating.

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