The world's largest bust maker, Virginia, expects -威尼斯赌博游戏棋牌-威尼斯国际赌彩vns6010.com
(2199.HK) issued a profit warning, said the expected consolidated net profit for the year ended March 31, 2017 will be significantly lower than the previous year, due to the fact that the consolidated net profit in Hong Kong's underwear and sports products manufacturer, Virginia International (Holdings) US customers reduced orders than expected, and the initial operation of the new plant in Vietnam diluted the Group's gross margin and net profit margin.
Data show that the group recorded in fiscal year 2016 net profit of HK $ 442.1 million, up 30.9% yoy, adjusted net profit rose more to HK $ 475.5 million 39.3%. Revenue also increased by 21.2% year on year to HK $ 5,018.1 million.
However, due to the US retail market downturn, retailers focus on promoting inventory, so Virginia's many major North American brand partners in the first half while reducing the order, resulting in the September 30, 2016 2017 first half of the year The Group recorded a decrease of 14.4% in revenue, from HK $ 2.451 billion in the same period of the previous year to HK $ 2,149.4 million. The revenue from the three major production sectors of Bust and Underwear, Chest Cup and Other Molded Products and Functional Sports Products decreased by 2.0 %, 44.6% and 37.2% respectively.
The first large-scale factory in Vietnam was opened in March 2016, still in the expansion period. Therefore, the mid-term profitability dropped sharply, net profit dropped by 89.3% to HK $ 234.44 million, and the adjusted net profit also plunged 90.0 To HK $ 23.314 million.
The group admitted that the first half of the fiscal year is one of the toughest times since the 2008 financial tsunami, but stressed that the situation is temporary, because the second half of the brand partners, the order has been gradually restored.
Mr. Yu Jenny founder, chairman and chief executive officer of Hong Youyi in February 8 this year to spend 12.28 million Hong Kong dollars holdings of shares (after the shareholding increased to 72.45%), said that although the second half of the business significantly improved, old and new orders There is growth, the production capacity failed to keep up with the increase in demand, but with the Vietnamese factories in the third and fourth phase of the plant completed by the end of 2017 and fully operational in the first quarter of next year, the factory bust and personal underwear and other products Production capacity will reach the face of "recruitment difficult" problem of the mainland factory twice.
Set up factories in Vietnam but also conducive to the group's new government to deal with Trump may change to Sino-US trade policy. Regina Miracle 64% of revenue from US customers, Hong Yi said the tour will be part of them to scale "Made in Vietnam" in the contract.
Hong Youyi also revealed the second half of the new sports chest brand and the Japanese brand two customers. As for the main customer Under Armor Inc. (NYSE: UA) Andrea in the recent quarterly growth slowed to single digits and began to record a loss, Hung Yiyi that the group's performance base has been inflated (slow growth is normal ), He also expressed confidence in the sportswear and footwear market.
At present, sportswear accounted for about 18% of Victoria Jennifer income, investor relations director Ou Huiting had expected in the sustained double-digit growth support of the product will also be further increased. With the trend of sports and fitness in the world, sports underwear prospects, not only Under Armor Inc. Andaman and other sports brand demand, the group's largest customer, L Brands Inc. (NYSE: LB) Victocria's Secret Victoria's secret is to develop the category.
As the world's largest manufacturer of bust, Hong Youyi said the traditional bust sales have grown steadily.
Victoria Jenny (2199.HK) closed at HK $ 5.65 on Thursday, up 0.36%. The stock has fallen 12.1% in 2017 to a total of 38.1% in the past 12 months, reversing a strong rally in six months after its listing in October 2015.