] January 25th news billion state power network, the state power grid from the financial services agency Rui Yin (UBS) to Rui Yin (UBS) to maintain BELLE (01880.HK) sell rating, target price reduced from 6 yuan to 4 yuan, while down regulated footwear revenue growth expectations, and will share 2016 to 2018 earnings forecast 2%, 12% and 25%.
Rui Yin (UBS) pointed out that BELLE’s 2015 third quarter footwear same store sales fell 10.4%, compared with the second quarter rate of 7.7% reflects volume contraction retrogression exacerbated the downward trend in 2015 that half of the fiscal year will continue in the next few years, the price of the goods is expected in the present level, the footwear sales in the next three years will be a year fell 10%. Taking into account the significant decline in BELLE’s same store sales, the estimated 2017 fiscal year after the footwear gross margin will be at a rate of 64%, or a potential decline.
, according to BELLE international 2014 ~ 2015 earnings report, as of February 31, 2015, independent brand footwear business income of $20 billion 577 million 900 thousand, an increase of only 1.5%. In the first three quarters of 2015, BELLE international closed a total of 418 footwear stores, while increasing the movement, clothing stores to maintain the overall business data between the 367.
, BELLE group CEO Sheng Baijiao has said publicly that the Internet is changing people life style and behavior pattern of the environment, management difficulties are shoes and apparel retailers are currently facing a common problem of the industry. BELLE group’s retail business, especially footwear business, mainly through the department store operations, is currently facing a shortage of passenger flow, low willingness to spend the pressure, it is difficult to see an effective improvement in the short term.
billion state power network has learned, BELLE group is earlier efforts involved in the Internet’s domestic retail brand. 2011 in July to invest $200 million to set up excellent shopping network, excellent shopping network was once considered a vertical B2C paradigm. In around 2013, excellent shopping network CMO Xu Lei and Senior Vice President Xie Yunli departure, 2013 July COO Zhang Xiaojun resignation, executives have left is the industry that is excellent shopping network did not reach the expected sign of BELLE electric. Since the excellent shopping network has not been disclosed in 2014 annual sales of master station, only revealed its contains third party platform total annual subscription amount reached 2 billion yuan.
days ago, dangdang.com was exposed in 2016 will invest 200 million yuan in reforming the apparel market, BELLE’s more than and 30 brands since 2015 January after withdrawal of dangdang.com again settled dangdang.com. Although BELLE is also actively respond to the impact of the electricity supplier channels, and efforts to change the main industry of the attenuation of the situation, but still can not change the number of investment banks pessimistic expectations. Billion state power network to understand, not just Credit Suisse (UBS) lowered its target price of BELLE group, Guotai Junan International (Hongkong) believes that BELLE is currently the footwear business is still weak, the short term can not see the catalytic.