In the Guangzhou market, the dynasty furniture gradually faded out. According to a veteran of the Chengdu furniture industry, the dynasty furniture store directly located in the Panyu Jisheng Weibang had already replaced branded furniture a few years ago and switched to other brands of furniture. The original furniture stores in Guangzhou Mahui Furniture and Weijiasi Square have also disappeared. In the Dynasty furniture store located at Grandview Plaza, the reporter did not see any customers entering within 20 minutes. In Dashi Furniture City, dealers under the dynasty furniture brand still open special stores on the first floor.
On Sunday, Dynasty Furniture (1198.hk) suddenly issued a profit warning, saying that the group ’s sales deteriorated in October compared with the third quarter of this year, and announced that the shareholder ’s share of the group ’s comprehensive performance in 2012 is expected to decline in general. . Affected by this, the company's stock price fizzled yesterday, and the opening plunged more than 12%. It once tested the 52-week low of the stock price, but as of the closing price, the stock price recovered and it was flat with the previous trading day. Industry insiders believe that the overall furniture industry is still far from fully prosperous.
Since last month, media outlets have successively exposed the accumulation of dynasty furniture and dealers closing stores. And just one month after the Royal Family Furniture announced that the sales decline in the third quarter had decreased year-on-year, the company also issued an announcement that sales in October compared with the third quarter of this year, the sales deteriorated, and said that the shareholder ’s share of the Group ’s comprehensive Overall performance is expected to decline.
However, not long ago, the dynasty furniture just introduced high-end brands in the UK and Italy in high-profile. Not only that, since this year, the dynasty furniture has also acquired several domestic high-end furniture brands against the trend.
Yesterday, when the reporter asked the regional manager of the Royal Family Furniture Guangdong Province about the distribution of new products, the response was "No goods to watch now." It is said that the British brand sofa requires 100,000 yuan, and it has not yet been sold. .
Some furniture companies have high inventory
According to the semi-annual report of Dynasty Furniture, in the first half of this year, the company's turnover dropped by 30% to HK $ 498.3 million, and its gross profit fell by 32.6% to HK $ 15.8 million. "This year's inventory of dynasty furniture is too high, if you go to the factory, you can still buy the ex-factory price." The furniture industry veteran said.
A reporter's review of the dynasty furniture financial report found that the company's inventory in the first half of this year was 347 million Hong Kong dollars, an increase of 36% over the end of last year, accounting for nearly 40% of the current total current assets.
Statistics show that the sales of dynasty furniture accounted for more than 90% in China. However, the high inventory of dynasty furniture is not a special case among domestic furniture companies. The third quarter financial report of A-share listed company Sofia (002572.SZ), which also focuses on domestic sales, shows that by the end of the third quarter, the company's ending inventory was 83.3 million yuan, an increase of more than half compared with the beginning of the period.
However, domestic companies that export furniture are not living well. The third quarter financial report of Meike shares (600337.SH) listed on the A share showed that the loss during the reporting period exceeded 40 million yuan, and the net profit dropped by 197.33% year-on-year. The company expects that the net profit attributable to the parent company this year will fall by more than 50% compared with the same period last year, and in August, the company terminated the option incentive plan. The company's semi-annual report showed that as of June 30, the company's inventory book balance was 1,023,792,622.91 yuan, an increase of 11.42% over the beginning of the period. The company said that the main reason is that its wholly-owned subsidiary Meikemeijia Furniture Chain Co., Ltd. increased the number of newly opened storefront floor sample stores this year, and at the same time prepared sufficient inventory for sales growth.
Industry views
Yesterday, Yang Zhihua, secretary general of Lecong Furniture Association, pointed out that the products of enterprises such as Dynasty furniture are aimed at high-end customer groups, but this year, affected by the economic environment, this part of the customer group has shrunk. At present, the furniture brand awareness of the furniture industry is not strong, so furniture companies that take the high-end route will be greatly affected. Usually the end of the year to the beginning of the year is the peak season for the furniture industry. At present, furniture manufacturers have begun to prepare and stock in order to cope with the increase in orders. Regarding whether the furniture industry can usher in "spring", Yang Zhihua said that he is not optimistic. "It will be difficult to say whether it can turn prosperous next year. It is necessary to wait for the real estate industry to warm up before it can usher in a full turn."
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