Home / Knowledge / News / Apparel/Garments / Exceed revenue skids 31.6% to RMB 1,629.6mn in 2013
Exceed revenue skids 31.6% to RMB 1,629.6mn in 2013
01
May '14
Exceed Company Ltd., the owner and operator of the "Xidelong" brand, one of the leading domestic sportswear brands in China, released its financial results for the fourth quarter and the year ended December 31, 2013.
 
Financial Highlights – Fourth Quarter ended December 31, 2013 (unaudited)
-Revenue was RMB495.9 million (US$81.9 million), representing a 32.7% year-over-year increase.
-Gross profit was RMB135.3 million (US$22.3 million), representing a 32.8% year-over-year increase.
-Gross margin was 27.3%, which remained the same as the fourth quarter ended December 31, 2012.
-Operating profit was RMB31.6 million (US$5.2 million), representing a 137.6% year-over-year increase.
-Net profit was RMB21.7 million (US$3.6 million), representing a 104.7% year-over-year increase.
 
Financial Highlights – Full Year ended December 31, 2013 (audited)
-Revenue was RMB1,629.6 million (US$269.2 million), representing a 31.6% year-over-year decrease.
-Gross profit was RMB441.0 million (US$72.8 million), representing a 34.7% year-over-year decrease.
-Gross margin was 27.1%, representing a decrease of 1.2 percentage points year-over-year.
-Operating profit was RMB94.5 million (US$15.6 million), representing a 59.2% year-over-year decrease.
-Net profit was RMB65.5 million (US$10.8 million), representing a 67.1% year-over-year decrease.
 
Shuipan Lin, Exceed's founder, Chairman and CEO, commented, "2013 proved to be a challenging year for Exceed and the Chinese sportswear industry in general. Our financial results for the fourth quarter and the year ended December 31, 2013 continued to be impacted by the weakening consumer demand in China for our products, which was primarily due to the ongoing global macroeconomic uncertainties and the slowdown of economic growth in China. 
 
“However, we have seen signs of a slow market recovery in the domestic sportswear industry, and we believe that the excessive inventory or stocking, which bothered the domestic sportswear industry for quite some time, is gradually reducing. In response to the prevailing market conditions, we took a prudent approach to control the amount of orders placed by our distributors.
 
“In addition, we continue to enhance the efficiency of our distribution network by closing or relocating inefficient retail selling locations. We believe that these initiatives will help to reduce the overall inventory of finished products in the retail selling locations."
 
Click here to view full results.
 

Exceed Company


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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