慕尚集团(01817.HK)上半年收入升10.6%至16.86亿元 线上销售保持高速增长
格隆汇8月28日丨慕尚集团控股(01817.HK)发布中期业绩，截至2019年6月30日止6个月，集团实现总收入16.861亿元人民币(单位下同)，同比增加10.6%；毛利为8.38亿元，母公司拥有人应占盈利为8967万元；基本每股收益0.11分。
集团的收入主要来自透过其自营店、经销店、合伙店及线上渠道向终端客户销售产品。集团收入经扣除退货及贸易折扣后按已售商品发票净值入账。上半年集团实现总销售收入16.861亿元，同比增加10.6%或1.619亿元。受惠于新零售业务模式的发展，集团电子商务业务于期内持续增长。公司亦致力于进一步推动联名款市场推广活动，以增强客户的忠诚度。
品牌方面， 主品牌(即GXG及gxg jeans)的销售收入分别有所减少，主要由于(i)2019年农历新年在2月5日，较2018年的2月16日更早到来，而集团于农历新年后通常录得较低的销售数据；及(ii)华东地区于截至2019年2月28日止两个月的下雨天数增加，华东地区杭州、合肥、南京、宁波以及上海平均下雨天数为30天，而2018年同期平均为19天，此对集团于此地区(集团主要区域市场之一)的线下销售造成负面影响。gxg.kids销售收入较去年同期增加120.2%或2.009亿元，主要来源于线下全国总经销商一次性买断。
因此，在集团的GXG系列方面，以上变化使(i)GXG品牌销售占比由63.9%下滑至56.9%，及(ii)gxg jeans的品牌销售占比由21.4%下滑至17.9%，而 gxg.kids品牌销售占比由11.0%上升至21.8%。在集团的运动服品牌方面，Yatlas 收入减少13.7%或530万元，源于集团调整品牌定位，削减店铺数量以提高店铺效率。归功于电商销售增加，2XU及其他品牌销售均上升。
渠道方面，自营店实现销售收入4.822亿元，合伙店实现销售收入1.690亿元，经销店销售增加58.0%至4.670亿元。线上渠道销售保持高速增长，增加14.9%至5.624亿元。在集团的收入占比方面，线上渠道销售占比33.4%位列第一，其次分别为自营店28.6%与经销店27.7%。
此外，因线下渠道的商圈转移、店铺运营成本上升等市场因素及其线下渠道的升级整合，集团于2019年上半年对其店铺网络进行调整，关闭未能达成既定销售目标的线下店铺，故总体店铺数量由2018年底的2250家减少至于2019年6月30日的2139家。
报告期内，经销店数目增加，而自营店及合伙店数目减少，主要由于集团转让童装的所有线下渠道予第三方代理，旨在利用代理的优势，提升集团于中国童装市场的份额。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
