Seven Wolves Actively Reclaim Inventory And Close 505 Stores

< p > net profit decreased 33.44% in 2013 compared with the same period last year.

The company realized revenue of 2 billion 773 million yuan in 2013, down 20.23% compared with the same period last year; net profit attributable to shareholders of listed companies was 379 million yuan, down 33.44% compared with the same period last year; net profit of non net profit decreased by 40.84% compared to the same period last year; the basic earnings per share were 0.5 yuan.

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In the fourth quarter of P, net income from operating income and attribution to shareholders of the parent company was 464 million yuan and 6 million yuan respectively, representing a decrease of 51.87% and 96.07% respectively.

The main reason for the increase of company's performance declines is that the channel revenue of franchisee has declined, the number of terminal stores has increased, and Q4 has actively recovered more stocks.

The company intends to pay 1 yuan for every 10 shares.

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< p > take the initiative to recover franchisee stock, close inefficient stores and speed up the pace of adjustment.

In 2013, Q4 actively recovered more inventory, and accelerated the construction of inventory channels, accelerated the pace of construction of factory stores and discount stores, and opened 7 new large factory shops during the reporting period.

At the same time, through the credit, rebate, subsidies and other measures to increase support for the terminal channel.

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< p > < < a href= > //www.sjfzxm.com/news/index_c.asp > channel early warning mechanism < /a >, resolutely close inefficient and invalid shops.

In 2013, the number of net closures of the company reached 505.

By the end of 2013, the total number of terminal stores reached 3502, equivalent to the 2010 level.

Companies actively try O2O mode.

The online revenue in 2013 was about 290 million yuan, up 60% over the same period last year, but it is still mainly selling stock, with only a small number of network products.

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< p > gross profit margin has increased and cash is relatively abundant.

During the reporting period, the gross profit margin of the company increased by 1.53 percentage points to 47.01% over the same period last year, mainly because the company continued to promote the product structure with the black label as its main axis and slowed down the promotion of new products.

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During the period of < p >, the cost rate increased by 3.82 percentage points to 23.46% compared with that of the previous year. The sales expense rate increased by 2.6 percentage points to 15.73% compared with that of the previous year, the management fee rate increased by 1.7 percentage points to 8.68%, and the financial cost rate dropped 0.49 percentage points to -0.95%.

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< p > a href= "//www.sjfzxm.com/news/index_c.asp" > net profit < /a > decreased by 2.66 percentage points to 13.61%.

At the end of the reporting period, inventory was 657 million yuan, a decrease of 91 million yuan compared with that of the previous year, and accounts receivable of 441 million yuan, representing a decrease of 171 million yuan compared with the same period last year.

Inventory and accounts receivable turnover efficiency decreased year-on-year.

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During the reporting period, the net cash flow of operating cash was 683 million yuan, an increase of 245 million yuan compared with the same period last year, and maintained a good state. P

At the end of the reporting period, the company had 2 billion 515 million yuan in cash, an increase of 286 million yuan compared with the previous year, and cash was relatively abundant.

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< p > as the leader of men's wear, we are expected to take the lead in breaking through.

The company took a series of measures to clear inventory and adjust channels in 2013.

The company will continue to strengthen its internal strength in 2014.

Although the company's spring and summer orders in 2014 still declined, the performance in the first half of the year is still under great pressure.

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< p > but we believe that the company has strong brand strength, abundant cash, steady finances, and has been proactive in coping strategies. In 2014, it is expected to easily take the lead and break through in a vulnerable environment.

Maintain prudent recommendation ratings.

We expect earnings per share in the 2014-2015 years to be 0.53 yuan and 0.64 yuan respectively, corresponding to PE 14.6 times and 12.1 times respectively.

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