On Saturday (002291), the "first share of footwear industry" of the two cities issued a revised announcement of 2017 annual performance express, which was revised from a profit of 24.9426 million yuan to a loss of 352 million yuan, compared with a profit of 20.8396 million yuan in the same period of last year. Saturday's turnaround came mainly from the impairment of inventories and brand goodwill.
Why the big loss?
Inventory turnover days are too long

In recent annual reports, it is not uncommon to see "Thunderbolt" companies in the season of intensive disclosure, and there are also many companies with huge performance thunderbolt. However, for Saturday, which has been listed in 2009 and has no annual loss record, it is particularly striking to see huge losses.
However, it seems reasonable that the performance has been declining since the listing on Saturday. The net profit was only 21 million yuan in 2016, down from 114 million yuan in 2009.
By 2017, Saturday's losses amounted to 352 million yuan, which also means that this year's losses have swallowed up the profits of the past eight years.
According to the announcement, there are two reasons for the sharp change in performance:
First, the initial review data of 2017 annual report increased by 151 million yuan compared with the inventory impairment provision loss of 2017 performance express data;
Second, there are differences between the actual business situation of d.fuse (Divus) brand and the expected judgment of the performance express. The company's management conducts impairment test on the goodwill according to the expected future business situation of the brand. Compared with the 2017 performance express data, the preliminary review data of the 2017 annual report accrues 185 million yuan more goodwill impairment reserves.
From 2013 to 2016, the inventory data of Saturday were 1.18 billion yuan, 1.35 billion yuan, 1.475 billion yuan and 1.511 billion yuan, respectively, according to the data extracted by tonghuashun Ifind. In the third quarter of 2017, the inventory further climbed to 1.515 billion yuan.
Compared with two companies in the same industry, Aokang international and red dragonfly, the inventory of up to 1.515 billion yuan on Saturday accounted for 42.3% of the total assets, while Aokang international and red dragonfly accounted for no more than 20%.
In terms of inventory turnover days, Saturday climbed from 419 days in 2013 to 803 days in 2016, and 786 days at the end of the third quarter of 2017. That is to say, it takes more than two years for the company to turn around its inventory, more than four times that of Aokang International (182 days) and red dragonfly (168 days).
Frequently frustrated in seeking transformation

In recent years, with the upgrading of consumption, the traditional department store channels have been impacted, and the clothing and footwear industry and other industries are facing challenges.
In the face of fierce market changes and competition, on Saturday, we began to seek transformation in 2015, and formally determined the strategic goal of building a "fashion IP ecosystem" in 2016. For this reason, we acquired Beijing fashion Fengxun Information Technology Co., Ltd. and Beijing Shixin Information Technology Co., Ltd.
In the unmodified performance express released on February 28, the company's acquisition of Beijing fashion Fengxun and Beijing Shixin's shareholding consolidation last year is considered to be an important reason for profit growth, but it is worth noting that the high premium merger and acquisition of the two subsidiaries has brought another surge in goodwill on Saturday.
According to the third quarter report last year, goodwill reached 548 million yuan on Saturday, a significant increase of 196.55% over 185 million yuan at the beginning of the year, "mainly due to the acquisition of two new media companies at a premium".
It is worth noting that in recent years, the transformation of the company is extremely urgent, but the result of planning major events for many times is not satisfactory.
Since July 2015, the company has gone through several suspension plans, and then terminated and resumed trading. The projects involved include employee stock ownership, investment in Internet micro loan companies, supporting financing, acquisition of assets, etc. Among them, less than two months after the approval of the deliberation, the company decided to give up its investment in Internet microfinance.
Almost all of the company's explanations are "due to changes in the market environment".
This article comes from the network, from the trademark transfer machine, rubber sole roughing machine, Guanshi Youli shoe machine Co., Ltd