Red Dragonfly Net Profit Drop 49% Depends On Offline Performance Stagnation

The women's shoes industry is facing fierce competition and sluggish sales.

In the combing of earnings, it was found that since 2014, the Red Dragonfly revenue has dropped by three. At the same time, it has gone through the market, and its performance has dropped by two. It has been relieved until 2017, but in 2018, it fell again. Net profit decreased by 48.61% compared with the same period in 2018.

Previously, the Red Dragonfly had hoped to improve its performance by cross-border investment, but the effect was not good. At the same time, the Red Dragonfly stores were also embarrassed, while shops and stores were closed, and the number of stores was reduced by 5 in 2018.

Investing in cross-border investment to improve performance

Statistics show that in recent years, the performance of red dragonflies is not optimistic.

Prospectus shows that in 2013, red dragonfly achieved revenue of 3 billion 222 million yuan, and its revenue topped the top for the first time. Since then, the Red Dragonfly revenue has been dropping three. After the listing in 2015, the net profit of red dragonfly has begun to decline synchronously with revenue.

In 2014 -2016, red dragonfly revenue reached 3 billion 128 million yuan, 2 billion 967 million yuan and 2 billion 872 million yuan respectively, representing a decrease of 2.91%, 5.15% and 3.19% respectively. Net profit reached 328 million yuan, 300 million yuan and 279 million yuan, an increase of 27.19%, a decrease of 8.43% and a decrease of 7.03% respectively. It was not until 2017 that the performance of red dragonflies improved.

In 2017, the Red Dragonfly achieved a revenue of 3 billion 245 million yuan, an increase of 12.99% over the same period last year, and a net profit of 382 million yuan, an increase of 36.79% over the same period last year. However, the performance did not last long. In 2018, the Red Dragonfly performance declined again.

In 2018, red dragonfly revenue reached 3 billion 41 million yuan, down 6.29% compared to the same period last year, net profit realized 196 million yuan, a decrease of 48.61% compared with the same period last year. The biggest decline in red dragonfly performance since the listing.

Red Dragonfly hopes to improve its performance through cross-border investment.

In 2018, red dragonfly invested 380 million yuan to participate in the establishment of Zhongxin securities Limited by Share Ltd (provisional name), aiming at engaging in securities brokerage, underwriting and sponsorship, margin trading, securities asset management and other securities businesses. However, the announcement shows that the investment has not yet been certified by industry and commerce.

Prior to that, red dragonfly has also used cross-border investment to help its own performance. In 2016, the Red Dragonfly signed the subscription agreement with Fen Yi long letter Asset Management Limited. The Red Dragonfly acted as a limited partner to participate in the investment, and the amount of subscription was 30 million yuan. The total amount of subscription was $508 million, and the contribution ratio of red dragonfly was 5.91%. However, in 2018, the stock market fell sharply in 2018, and the Red Dragonfly offered 30 million yuan to reduce its value.

In 2019, the Red Dragonfly aimed at the new direction, the investment industry.

In April this year, the Red Dragonfly announced that it invested 80 million yuan with the Suzhou equity investment management center and Nanjing Pukou Development Zone hi tech Investment Co., Ltd. to set up Nanjing Pukou cooperation venture investment center, with a total registered capital of RMB 111 million yuan, of which the Red Dragonfly accounted for 72.07%.

The announcement shows that Nanjing Pukou cooperative venture investment center has been approved by industry and commerce. Its main direction includes equity investment and venture capital.

Shop and shop.

Recently, the Yangtze River Commercial Daily reporter visited a business circle in Wuhan, and found that the Red Dragonfly store was located on the first floor of the shopping mall with larger traffic volume. The location was more eye-catching. The "68 yuan" brand opened at the end of the season. It was very eye-catching, but there were fewer customers in the shop, and most of them just went for a stroll.

Compared with the large-scale closure of Daphne and BELLE, the number of Red Dragonfly stores is relatively good-looking, but it can not hide the problem of its store operation.

Statistics found that since the listing in 2015, the Red Dragonfly store has been in the state of opening at the edge. As of 2018, the number of stores has decreased by 5 compared with that of the listed companies, but in fact, the Red Dragonfly store has already undergone a big round of exchange transfusion.

In the 2015-2018 year, red dragonfly stores closed 483 stores, 672, 600 and 469 stores respectively, and closed 2224 stores in 4 years, with an average of 1.5 units per day.

In the past 4 years, the number of Red Dragonfly stores is 4140, 4116, 4175 and 4135 respectively. That is to say, after three years of development, the number of Red Dragonfly stores has not increased or decreased, and more than half of the stores have changed their blood.

At the same time, red dragonfly stores revenue is not ideal, in addition to the increase in franchisee revenue in 2017, red dragonfly stores revenue has been decreasing.

In 2015 -2018, red dragonfly stores achieved revenues of 2 billion 927 million yuan, 2 billion 826 million yuan, 3 billion 128 million yuan and 28 yuan, 8 billion 900 million yuan respectively. In recent 4 years, only 2017 stores revenue increased.

Regarding this, the reporter sent an interview letter to the red dragonfly on the planning and development of the store. As of press release, no reply was received.

Meanwhile, the stock turnover time of red dragonfly is longer, and there is an increasing trend.

In 2014 -2017, the stock turnover days of red dragonflies were 110 days, 128 days, 165 days and 158 days respectively. The number of days of inventory turnover in 2018 was not published in the annual report.

Statistics show that red dragonfly sells more than 8 of its sales from offline sales, but the Red Dragonfly's offline sales situation is also not optimistic.

In the 2015-2018 year, the sales of Red Dragonfly under the line were 2 billion 511 million yuan, 2 billion 342 million yuan, 2 billion 557 million yuan and 2 billion 325 million yuan respectively. In the 4 years listed, the red dragonfly was only in 2017, and sales increased under the line.

There are very few customers in a red dragonfly counter in Wuhan.