Home / Knowledge / News / Apparel/Garments / Exceed Company Q1 sales plunge 66.3%
Exceed Company Q1 sales plunge 66.3%
17
May '13
Exceed Company Ltd. the owner and operator of the "Xidelong" brand - one of the leading domestic sportswear brands in China, released its unaudited financial results for the first quarter ended March 31, 2013.

Financial Highlights – First quarter ended March 31, 2013

- Revenue was RMB301.1 million (US$48.5 million), representing a 66.3% year-over-year decrease.

- Gross profit was RMB78.8 million (US$12.7 million), representing a 69.7% year-over-year decrease. Gross margin was 26.2%, representing a 2.8 percentage point decrease as compared to 29.0% for the first quarter of 2012.

- Operating profit was RMB15.1 million (US$ 2.4 million), representing an 89.7% year-over-year decrease.

- Net profit was RMB9.9 million (US$1.6 million), representing a 92.3% year-over-year decrease.

Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "As anticipated, our results in the first quarter were impacted by weakening consumer demand in China, which was largely attributable to the domestic economic slowdown.

"As a result, overall sales volume across our main footwear and apparel product lines decreased, resulting in a decline in revenue. In response to the prevailing market conditions, we took a prudent approach to control the amount of orders placed by our distributors.

"Even though we face intense competition in the sportswear industry, we continued to stay focused on our mass market positioning. We continue to introduce a range of popular priced sportswear products to target the mass market and to better align with customer preferences.

"While we expect to continue to operate under unfavorable economic conditions for the remainder of this year, we believe we have the right strategy in place to effectively manage our production and inventory levels, maintain a lean operating structure and continue to strengthen our brand awareness.

"Our priorities for the remainder of this year will focus on strengthening our brand equity through effective marketing and maximizing the efficiency of our distribution network, and the continued execution of our long-term operational plan to align our production facilities and sales network to best capture growth opportunities in China's evolving sportswear market.

"We believe that the continued execution of our strategy and operational plan will strengthen our competitive position over the long-term and allow us to maximize our growth opportunities in anticipation of an improving macroeconomic environment."

Exceed Company

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

PVH Corp Q1 2017 revenue rises 4%

The first quarter revenue of fiscal 2017 at apparel marketer PVH Corp ...

Courtesy: Levi Strauss & Co

Apparel/Garments | On 26th May 2017

LS&Co. to fund water saving solutions

LS&Co. will fund to the tune of more than $350,000 the solutions...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search