Upstream inventory of U.S. apparel increased overall digestion pressure
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At the end of the first quarter of 2012, accounts payable by Smith Bark was 950 million yuan, a net increase of 350 million yuan compared to the end of 2011; while inventory on the company's books fell only from 2.56 billion yuan at the end of 2011 to 2,317 million yuan, a net decrease of 240 million yuan.
Cheng Yuan, a textile and apparel industry analyst at Huatai United Securities, told reporters that the company’s accounts payable increased significantly in the first quarter of this year. The company’s ability to negotiate with the upper reaches of the company is strong; the company’s funds are tight, so the company uses a credit method.
According to the company's quarterly report this year, the cash paid for the company’s purchase of goods and payment of labor services was 1.065 billion yuan, compared with the company’s expenditure of more than 2 billion yuan in the same period of last year and the fourth quarter of 2011.
The cash expenditure decreased by more than RMB 1 billion, resulting in a year-on-year increase in operating cash flow by 131.67 times from the same period last year to RMB 966 million, which eased the company’s cash flow tightness caused by high inventory in recent years.
Smith Bark’s inventory surge began in 2010 and reached a peak of 3.16 billion yuan in the first quarter of 2011. At the same time, the company’s operating cash flow decreased by 101.2% year-on-year to -7.18 million yuan. Since then, the company has been in digesting inventory. By the end of 2011, the company's inventory had decreased to 2.56 billion yuan.
SW Securities’ textile and garment industry analyst Wang Liping issued a report on May 21 stating that with less investment in fixed assets and sluggish exports, it is expected that there will be a significant rebound in overall consumption in the second half of the year; 80% of the clothing industry last year The growth is driven by price increases, and this year's increase depends mainly on volume. Therefore, the trend of prices this year is to go downwards. The overall supply of garments is in excess of demand. We have not seen which of the scarce categories can be reduced.
Wang Rong, an analyst in the textile and clothing industry at CITIC Securities, said that the company's inventory fell to 2.32 billion yuan in the first quarter of 2012, but it was still 10-15 billion yuan higher than a reasonable level, and the pressure remained high.
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