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China Down manufacturer Bosideng International Holdings Limited (3998.HK) announced the 2016 fiscal year revenue setback, but net profit soared more than doubled, the group declared a final dividend of 2.6 HK cents per share. As of March 31, 2016, Bosideng revenue was reduced by 8.0% to 5.7873 billion yuan (RMB, the same below), mainly due to domestic macroeconomic environmental impact consumer sentiment, coupled with the Group actively clean up inventory, as well as the adjustment of retail network optimization Down brand portfolio will be paving the way business work. Group accounted for respectively 64.8%, 19.1% and 16.1% of business service jacket, OEM revenue management services and non-down apparel business each fell 2.5%, 18.1% and 18.2%, respectively, fell to 3.9772 billion yuan, 984 million yuan and 826.1 million yuan. Two business accounted for a relatively small proportion than in fiscal year 2015 fell by about two percentage points. Brand sales are shrinking, and where BingJie Compro sales decline of up to 28.2% and 47.2%. The business closed during the year net 1,328 retail outlets, as of March 31 the total number of outlets to 5,271, including self-management and third-party distributors accounted for 32.1% and 67.9%, respectively. Mak Yun Bosideng CFO right to disclose the current 2017 fiscal year end will continue to optimize sales channels inefficient outlets, while the development of e-commerce network, but the number of outlets will remain at 5,000 levels. With the reduction in the stores, the Group also downsizing, the number of full-time employees decreased by 10.7% to 3,867 people, Mak Yun pointed out that the right employees for the fiscal year will not be much to adjust the intensity. Thereafter BingJie brand business focus will shift to online sales, which account for about 10% of the stock will exit the brand Compro Down market. As of March 31, Bosideng Group library stock amounted to 1.6286 billion yuan, compared with 1.9089 billion yuan last year significantly decreased by 14.7%, a decline of more finished goods inventory reached 17.9%.moncler outlet, Inventory liquidation during the year mainly through temporary stores, large supermarket chains and factory stores and other sales channels targeted to avoid the impact on the quality of store sales. Bosideng annual increase in net profit attributable to shareholders of 132.2 million yuan from a year earlier to 280.9 million yuan, an increase of 112.5%, mainly due to cost of sales fell 7%, sales and distribution expenses decreased by 16% and net finance income increased by 279 %. Mak Yun Bosideng will point out right now has Bosideng Men non-feather business Jessie and higher friction brands seeking acquisition opportunities, the goal is women’s brand. Bosideng founder, chairman and CEO of high Dekang plan within three years from the business accounted for eighty percent of Down fell Liucheng, but also increase over fiscal year 2016 fiscal year 2015 of 64.8% nearly 4 percentage points.
Bosideng men’s annual income and high friction, respectively, declining by 32.5% and 25.7% to 186.1 million yuan and 295.4 million yuan, the number of stores each year these two brands a net reduction of 175 and 61-392 and 244. And Jesse Women Brands acquired in 2011 revenue rose 4.0% to 332.9 million yuan, a slight net decrease of 8 brand stores to 203.
As OEM management business, the Group represents 18.1% revenue decrease is mainly due to fiscal year 2015 to assist customers open new products and get a one-time series lead to higher base orders, excluding this revenue is roughly flat. The business has 12 customers, mostly American brands.
Looking to the future of the Chinese economy remain challenging business environment and clothing retailer Bosideng will continue the transformation from the traditional wholesale business model to the consumer closer to the market and in the retail model, and by re-branding, diversification and management innovation to improve internal competitiveness and operational efficiency.
Wherein Flying Snow has focused sporty design will be built into the full range of outdoor clothing brand, in response to the trend of more and more consumers to participate in a variety of outdoor activities.
Bosideng (3998.HK) HK $ 0.66 on Thursday, the day rose 3.13%, of the past 52 weeks, the cumulative decline narrowed to 35.9%.