[재무회계] 패션산업 재무제표분석(영문)
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- 2009.08.18 / 2019.12.24
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추천 연관자료
- 목차
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1. Industry Analysis
1. US market environment.
2. Korean market situation
2. Company Analysis
1) Introduction
2) Financial Analysis
3) Investment Point & Risk Factor
1. ABERCROMBIE & FITCH (NYSE: ANF)
2. GAP INC (NYSE: GPS)
3. ESPRIT HOLDINGS (HKSE: 0330.HK)
4. 한 섬 (KOSFI: 020000)
3. Valuation & Opinion
- 본문내용
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1. Industry Analysis
1-1. US market environment
Because of economic recession, depression is anticipated for a while. In last summer, two big retail companies are bankrupted. One was Mervyns which is big retailing company of west US especially focus on California. The other one was Boscov’s which has 49 stores in south east US (Pennsylvania, Maryland, New Jersey and Virginia). This bankrupt affected a number of vendors and subcontract companies
Moreover, as show frozen market atmosphere, Steve & Barry’s, Goody’s Family clothing Inc., Shoe Pavilion, Whitehall Jewelers and Linens-N-Things are going bankrupt. US fashion & retail companies will be meet hard situation in the future.
Not only because of economic recession, but also hurricane damages in middle US, many department stores, mall and stores in Huston, Ohio, Kentucky and Indiana loss huge profits. Stock Price also records lowest point after 2003.
classification Company name Down(%)
Retailer Macy’s Inc 6.5 %
Saks Inc. 6.4 %
Sears Holdings Corp. 3.2 %
Kohl’s Corp. 2.2 %
Specialty chains American Eagle Outfitters Inc. 3.7 %
Ann Taylor Stores Corp. 3.4 %
Limited Brands Inc. 3.2 %
Abercrombie and Fitch Co. 2.4 %
Gap Inc. 1.3 %
Fashion Firms Liz Claiborne 3.8 %
Polo Ralph Lauren Corp. 3.5 %
Coach Inc. 3.3 %
VF Corp. 1.6 %
Still, it seems too hard to estimate market situation because of existence of uncertainties in the whole market. Many Retailer anticipate depression of consumer’s mind will continue at least 4~6 month after holiday season or at longest after 10 years. According to ShopperTrak, this BlackFriday’s sales decreased contrast to last year’s. That was 3% increase in common sales amount (1/3 of last year’s 8.3%).
2. Korean market situation
Domestic clothing industry is in difficulty because of several risk of disaster including the economic recession. First, Industry nature, the performance of a clothing company depends on economic situation. However, the situation now is the economic downturn.
Second, in general, Despites the economic recession, demand for luxury fashion products is high. However, in domestic market has lack of luxury brands. Third, Department store sales rate is still high. But high fee to department is still burden for company. Moreover, recently many global SPA brand expand their market share in domestic market. So, competition is become fierce.
Source: The National Statistical Office
Because of bad economic situation, Consumer expectation rate also very low. Growth rate of Domestic clothing company is decreasing since 2005. Also, Clothing industry is affected a lot for inventory rate for high inventory expenses. There is negative interaction between inventory rate and Operate income. When current sales decrease, clothing company will get more severe financial problem because of increase in inventory.
2. Company Analysis
1. ABERCROMBIE & FITCH (NYSE: ANF)
1-1. Introduction
Abercrombie & Fitch (A&F) is a specialty retailer, operating stores selling casual apparel such as knit shirts, graphic t-shirts, jeans, woven shirts and personal care and other accessories for men, women and children under the Abercrombie & Fitch, abercrombie, Hollister and RUEHL brands. The company operates in the US and Canada. The company is headquartered in New Albany, Ohio and employs about 9,500 people. The company recorded revenues of $3,749.8 million during the financial year ended January 2008, an increase of 13% over 2007. The operating profit of the company was $740.5 million during FY2008, an increase of 12.5% over 2007. The net profit was $475.7 million in FY2008, an increase of 12.7% over 2007.
1-2. Financial Statement Analysis
1) Sales
As quarter passed by, sales are increased steadily. Every first quarter, sales are the lowest. Nevertheless, sales of every last quarter are the highest. This shows that sales of A&F were centered on fall or winter. From 2006 to 2007, sales were increased dramatically. Especially, 2007 quarter 4, sales were the most higher. However, in 2008, every quarter sales were lower than that of 2007 and 2006.
2) Costs
In 2006, as sales were being increased, cost was almost increased. Costs of 2007 and 2008 also increased, as sales were being increased. Especially, Second quarter of every year’s cost is the lowest in year; this is because in these quarters, they produced summer clothes. Because raw materials of summer clothes are cheaper than that of fall or winter, the costs are lower in this quarter. This means that investing A&F in summer has more advantage than investing in fall or winter.
3) Inventory
For clothing company, increasing invento
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