La Natsu Bell Ignored The Net Profit And Went Crazy, Broke The Stock Price And Was Accused Of " Returned A To Cut Leek "

La Natsu Bell, who has returned to A shares for nearly 17 months, has not created the myth of wealth in imagination.

By the end of February 11th, La Natsu Bell had quoted 7.4 yuan per share, down 7% from the issue price, and the total market capitalization of the company was 4 billion 53 million yuan, which shrank by nearly 8 billion yuan from the peak of the early stage of the listing.

In addition to the fall in share prices, La Natsu Bell, who returns to A shares, is still experiencing the embarrassment of declining performance.

La Natsu Bell's recent performance forecast shows that the net profit of 2018 is expected to decrease by 459 million yuan, down about 91.98% from the same period last year.

However, this is not the first time that La Natsu Bell's annual performance has declined. In 2016 and 2017, the net profit was 532 million yuan and 499 million yuan respectively, down 13.54% and 6.29% respectively.

From the net profit after deducting the net profit, La Natsu Bell's performance decline is more obvious, and it is expected to decrease by about 415 million yuan in 2018, down about 109.21% from the same period last year.

Previously, the three quarterly report showed that La Natsu Bell received 116 million yuan of government subsidies in the first three quarters of 2018.

When it comes to the reasons for the decline in performance, La Natsu Bell told the China Internet Financial reporter: "the sales of direct outlets in 2018 did not reach the expected level due to the decline in terminal retail sales, and the effect of a series of measures such as optimizing retail channels adopted by the company in 2018 was not directly and fully reflected."

The staff also stressed that the adjustment of department stores and the decline of passenger flow led to a decline in sales of brands La Chapelle and Puella. At the same time, some brands of investment and cooperation were still in the initial stage of cultivation and development, and investment income decreased year by year.

La Natsu Bell interpreted the decline of performance as "market downturn and department store channel pformation and adjustment", and China net financial reporter combed found that in the 37 apparel home textile listed companies that have issued 2018 performance forecasts, 20 performances have been increased, including YOUNGOR, Hinur, wedding bird, and Baron dress. Doubling with women's clothing, the net profit growth is 10% to 40%.

However, the decline in net profit did not affect La Natsu Bell's store expansion strategy.

Data show that at the end of 2015, the total number of outlets in La Natsu Bell was 7893, which increased to 9674 at the end of June 2018, with an increase of 22.6%.

It is worth noting that La Natsu Bell once mentioned in the prospectus before the A share listing that the funds raised by IPO will be used for the expansion of the retail network and the construction of the new retail information system, with plans to add 3000 new outlets in the next 3 years.

In September 2018, La Natsu Bell had also thrown out a plan for issuing convertible bonds. It is estimated that no more than 1 billion 530 million yuan will be raised through issuing bonds, of which 661 million yuan will be used for expansion of retail networks and the rest will be invested in upgrading and upgrading projects of stores, intelligent stores and logistics centers.

Dot gain led to a surge in La Natsu Bell inventories.

As of the end of September 2018, La Natsu Bell's inventory amounted to 2 billion 700 million yuan, compared with 1 billion 756 million at the end of 2015, an increase of nearly 1 billion yuan.

Increasing inventories increased La Natsu Bell's cash flow pressure. In the first three quarters of 2018, the net cash flow generated by La Natsu Bell's business activities was -3.96 billion, down 422.94% compared to the same period last year.

La Natsu Bell, whose performance is poor, has recently been reduced by many institutional shareholders.

The announcement shows that among La Natsu Bell's top ten tradable shareholders, Shanghai Rong Gao Venture Investment Co., Ltd., Kun hang (Shanghai) equity investment partnership (limited partnership), and Hongkong Central Clearing Company Limited respectively reduced 4 million 814 thousand and 100 shares, 706 thousand shares and 130 thousand and 100 shares to La Natsu Bell in January this year.

Cheng Weixiong, general manager of textile and clothing brand management and Shanghai Liang Qi Brand Management Co., Ltd., in an interview with China Internet Financial reporter, said La Natsu Bell's biggest problem now is "multi stores and multi brands". Shop expansion now seems to need to do a good job in risk prevention. Poor stores or brands need to do well in closing, stopping, coordinating and pferring strategies. However, many brands lead to La Natsu Bell's brand, products, stores and operations being homogenization. The company needs to clarify its own precise brand positioning. It needs more subtraction instead of addition. It is urgent to do well in the one or two brands.