2023年公司库存商品原值15.9亿元，同比降低6.1亿元，降幅27.8%。新品库存和过季老品库存都得到了优化和改善，从历年库存结构来看，2年以上老品的库存量及库存占比从2017年-2023年呈逐步下降趋势，2023年库存额为0.4亿元，占比3%；1年以内新品的库存额也保持在最低的10.4亿元。① The company's revenue in 2023 fell 9.41% year on year, and net profit increased 127.06% year on year; ② strictly controlled discounts on new products, standardized digestion channels for old products, and gross sales margin increased 5.9 percentage points year over year; ③ closed 940 stores net throughout the year, and the number of offline stores at the end of the reporting period was 3,731.
Financial Services Association, March 21 (Reporter Chen Kang) By saving money, apparel brand Peace Bird (603877.SH) will increase profits without increasing revenue in 2023. According to the 2023 annual report released by the company on the evening of March 21, the reporting period achieved revenue of 7.792 billion yuan, a year-on-year decrease of 9.41%; net profit attributable to shareholders of listed companies was 422 million yuan, an increase of 127.06% over the previous year.
The decline in total revenue reveals that the apparel brand crisis has not changed. The biggest highlight of Peacebird in 2023 was the increase in gross sales margin and inventory optimization. Due to strict control of discounts on new products and regulation of digestion channels for old products, although retail sales declined throughout the year, the retail discount rate increased significantly. Accordingly, gross sales margin increased 5.9 percentage points year over year. The gross margin of 54.1% was also the optimal level after Peacebird went public.
The original value of the company's inventory in 2023 was 1.59 billion yuan, a year-on-year decrease of 610 million yuan, or 27.8%. Inventory of new products and inventory of old products have all been optimized and improved. Judging from the inventory structure over the years, the inventory volume and inventory share of old products over 2 years showed a gradual downward trend from 2017 to 2023. The inventory value in 2023 was 40 million yuan, accounting for 3%; the inventory value of new products remained at a minimum of 1.04 billion yuan within 1 year.
The increase in net profit is also due to the company's progress in cost reduction and fee control. The total cost of all expenses decreased by 9.9% year-on-year, after deducting non-net profit of 290 million yuan, and growth resumed.
In 2023, Peacebird closed 940 stores throughout the year. The company believes this is a growth strategy of “vigorously adjusting inefficient stores and continuously optimizing the channel structure”. The average single-store revenue of stores that have been in business for more than 12 months during the reporting period increased 19% compared to 2022.
By the end of 2023, the number of the company's offline stores was 3,731, including 1,175 direct-run stores and 2,556 franchise stores. Among offline stores, the operating costs of direct-run stores decreased by 25.01% compared to the previous year, gross margin increased by 7.91 percentage points to 71.33%, the operating costs of franchisees decreased by 9.17% compared to the previous year, and gross margin increased 5.54 percentage points to 40.32% year on year.
Peacebird has formed four major product lines: Peacebird Womenswear, Peacebird Menswear, Rakucho, and Peacebird Childrenswear. In 2023, only menswear revenue increased 4.16% year-on-year; all others declined by double digits.
Judging from single-quarter results, Q4 had the highest revenue of 2,569 million yuan, and Q2 had the highest net profit of 33.5 million yuan; the company's net loss in the third quarter was about 41.22 million yuan, compared to 19.23 million yuan in the same period last year.
