Pathfinder 2016 Decline In First Half Performance

Outdoor brand

In the evening of July 12th, the semi annual performance forecast for 2016 was released. It is expected that the first half of 2016 will achieve operating income of 1 billion 87 million yuan, an increase of 61% compared with the same period last year.

It is estimated that the net profit attributable to shareholders of listed companies will reach 94 million yuan in the first half, a decrease of 24% compared with the same period last year.

In regard to the reasons for the change of performance,

It is explained that in the first half of 2016, under the strategic goal of "providing the public with the ultimate service of outdoor, sports and experiential travel and becoming a community ecological organization leading healthy lifestyles", the three major business segments of outdoor, travel and sports have been further developed.

From the indicators of specific operating results, the impact on the performance of the first half of the company is the outdoor goods sector and the travel service sector. The specific situations are as follows:

Outdoor supplies sector, effective implementation in the first half of the year

The optimization scheme will significantly reduce the purchase of futures, strengthen inventory clearing, and further optimize the operation and management of terminal store display and product mix, so that the outdoor goods section has maintained steady development, and the overall revenue in the first half of the year has increased by about 1%.

At the same time, due to increased clean-up efforts in the over season inventory, the company's gross margin of sales declined year-on-year. In addition, the impact of the merger of four franchisees in December 2015 resulted in a sharp rise in the cost of the retail terminal, resulting in a significant decline in net profit in the first half of the year.

In the second half of this year, the company will continue to strengthen its inventory optimization and further consolidate its operational capabilities such as quick reordering, replenishment and flexible supply chain.

Looking forward to the whole year, the company is confident that the target of reducing inventory by 25% will be completed by the end of this year, thus laying a good foundation for the recovery in 2017.

The travel service sector, due to the strategic investment made by the company in July 2015, has contributed significantly to the company's business revenue in the first half of this year. (a year ago, the travel service sector of the company contained only the operating data of the green field and the business data of the most beautiful month in April 2015). The proportion of the revenue from the travel service sector in the first half of the year accounted for about 37% of the total revenue of the company, which initially showed the synergistic effect of the travel service and outdoor products. -6

However, due to the fact that its business is still in pition, the green China plan is also in a stage of expansion, it shows a loss in terms of its contribution to net profit.

At the same time, with the further improvement of the functions of the company's group organization and the establishment of the community ecosystem service center, the management expenses of the company's headquarters have increased, which has also had a negative impact on the first half net profit.

But the reporter noted that

Zhang, the director, vice president, chief financial officer and Secretary of the board of directors, has publicly stated on the stock market situation of the two quarter in June this year. As the two quarter is not over yet, the specific data is not yet certain, but the data in the first quarter of 2016 basically reached a phased target of 25% of inventory. At present, it is confident that the inventory will remain at an effective level at the end of the year.

Reporter search

Annual report data show that in 2015 and the first quarter of 2016, the total sales revenue reached 3 billion 800 million in 2015, and the net profit attributable to shareholders of listed companies was 263 million yuan.

From the point of view of business sectors, the outdoor income section in 2015 was about 1 billion 800 million yuan, an increase of 5.5%, net profit of about 290 million yuan, and a decline of 3.6%.

The travel service sector has a revenue of about 2 billion, resulting in a planned loss due to the opening period of the travel service business.

The plate is divided into three brands to analyze.

The main brand Pathfinder maintains a stable trend, with a revenue of 1 billion 439 million yuan to 15 years in the past 13 years, 1 billion 640 million yuan, of which the electricity supplier performance is particularly prominent, with an increase of 20% over the same period, and accounts for 35% of the whole Pathfinder brand income.

DiscoveryExpedition brand after 3 years of cultivation, in 2015, its revenue reached 1.33 billion, an increase of 235% over the same period last year. On the brand development, Tmall signed an exclusive strategic partner, and collaborates with Korea's clothing house to develop the brand market. At the end of 15, the flagship store of children's clothing was launched on Tmall, and at the same time, it assisted Baer's outdoor reality show.

Arkeno's revenue in 2015 was about 30 million, an increase of 65% over the same period last year.

From the promotion of College riding culture, brand development has strengthened the public relations communication for outdoor riding crowds.

In the first quarter of 2016, the total revenue amounted to 514 million yuan, the net profit attributable to the shareholders of listed companies was 71 million 790 thousand yuan, the outdoor products business revenue was 357 million yuan, the combined net profit was 81 million yuan, the travel service business realized 158 million yuan, and the combined net profit loss was 6 million yuan, mainly because the business units such as easy to travel and green fields are still in the pformation and development period of their business operations, and the contribution to the company's net profit still presents a loss in the plan.