Interviews
Exceed's founder happy with third quarter performance
21 Nov '11
5 min read
A major portion of our footwear production is outsourced. We have a plan to increase our annual production capacity for our footwear products to approximately 30.0 million pairs by the end of 2013. Please refer to the "Business Highlights and Outlook" section of this release.
Revenue from footwear increased by 34.6%, from RMB378.4 million for the third quarter 2010 to RMB509.3 million (US$79.9 million) for the third quarter 2011, primarily due to an increase in sales volume. The sales volume in the third quarter increased by 26.4% compared with the same period in 2010, mainly because our Company introduced new vintage footwear and cross-training footwear product lines in June 2011 to diversify our product varieties. The footwear Average Selling Price (ASP) increased by 6.5% year-over-year for the third quarter 2011.
Apparel. Sports apparel accounted for 50.8% of revenue for the third quarter 2011, and principally includes sports tops, sports pants, jackets and track suits. Our apparel production is entirely outsourced.
Revenue from apparel increased by 22.0%, from RMB444.3 million for the third quarter 2010 to RMB541.8 million (US$84.9 million) for the third quarter 2011. This increase was primarily due to a 28.0% increase in ASP. ASP of apparel increased significantly compared to the same period in 2010 because some sophisticated winter apparel products were delivered during the third quarter of 2011, which were not delivered until the fourth quarter of 2010. The delivery schedule for winter apparel shifted this year as the coming Lunar Chinese New Year holiday will fall earlier than previous years.
In addition, the increased consumer recognition of our Xidelong brand as a result of our continuous marketing and brand promotion efforts also contributed to an increase in ASP of apparel products. The sales volume in the third quarter decreased by 4.7% compared with the same period in 2010, as recent autumn and winter seasons in China have been relatively warmer and shorter in duration, and as a result, distributors and retailers have tended to order fewer autumn seasonal products.
Accessories. Revenue from accessories increased by 49.3%, from RMB9.7 million for the third quarter 2010 to RMB14.5 million (US$2.3 million) for the third quarter 2011. This increase was primarily driven by an expansion of product varieties.
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Revenue from footwear increased by 34.6%, from RMB378.4 million for the third quarter 2010 to RMB509.3 million (US$79.9 million) for the third quarter 2011, primarily due to an increase in sales volume. The sales volume in the third quarter increased by 26.4% compared with the same period in 2010, mainly because our Company introduced new vintage footwear and cross-training footwear product lines in June 2011 to diversify our product varieties. The footwear Average Selling Price (ASP) increased by 6.5% year-over-year for the third quarter 2011.
Apparel. Sports apparel accounted for 50.8% of revenue for the third quarter 2011, and principally includes sports tops, sports pants, jackets and track suits. Our apparel production is entirely outsourced.
Revenue from apparel increased by 22.0%, from RMB444.3 million for the third quarter 2010 to RMB541.8 million (US$84.9 million) for the third quarter 2011. This increase was primarily due to a 28.0% increase in ASP. ASP of apparel increased significantly compared to the same period in 2010 because some sophisticated winter apparel products were delivered during the third quarter of 2011, which were not delivered until the fourth quarter of 2010. The delivery schedule for winter apparel shifted this year as the coming Lunar Chinese New Year holiday will fall earlier than previous years.
In addition, the increased consumer recognition of our Xidelong brand as a result of our continuous marketing and brand promotion efforts also contributed to an increase in ASP of apparel products. The sales volume in the third quarter decreased by 4.7% compared with the same period in 2010, as recent autumn and winter seasons in China have been relatively warmer and shorter in duration, and as a result, distributors and retailers have tended to order fewer autumn seasonal products.
Accessories. Revenue from accessories increased by 49.3%, from RMB9.7 million for the third quarter 2010 to RMB14.5 million (US$2.3 million) for the third quarter 2011. This increase was primarily driven by an expansion of product varieties.
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Exceed Company Ltd
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