XTEP's Orders For The First Quarter Of 2011 Increased By 23% Over The Same Period Last Year.
The Bank of China International Research Report said that
The report said that despite the first debut of the BCFC brand in the first quarter of 2011, the reaction was quite positive. The product line provides clothing, jackets and accessories products with the concept of football. In addition, XTEP also introduces professional basketball boots and training shoes with functional and BCFC elements.
According to the bank, the average sales price of clothing and footwear products recorded double digit and unit digit growth in the first quarter of 2011, which was higher than that in the second quarter, the third quarter and the fourth quarter of 2010. Referring to the results of the first half of 2010, the average sales price of clothing and footwear products increased by 13.9% and 6.6% respectively, while the gross margins of clothing and footwear products increased by 2.5 percentage points and 1.4 percentage points respectively. Although the discount for shoe sales of distributors was reduced by 2 percentage points to 40%, the gross profit margin of clothing products in the first half of 2010 was still higher than that of footwear products, showing that the change in average selling price is a more important factor for gross margin changes. Bank of XTEP international maintains XTEP brand's gross profit margin growth of 0.3 percentage points in fiscal year 2011. Driven by a double-digit increase in the average selling price in the first quarter of 2011, the gross profit margin of clothing products in fiscal year 2011 should be higher than that of footwear products.
The bank said it would maintain XTEP's "buy" rating and target price of $7.54. The same store sales grew nearly 10% in August, while sales channel inventory maintained about 4 to 4.5 times the monthly sales level. In the future, XTEP will continue to use its different marketing strategies to focus on entertainment, running and football. It is considered that the current valuation of the company is still low.
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