After market close on September 5, JNBY Group (HK:03306) released its annual financial results for the fiscal year ending June 30, 2024. The group achieved a revenue of ¥5.238 billion, marking a 17.3% year-on-year increase. For the first half of FY2024 (ending December 2023), revenue grew by 26.1%, while the second half (ending June 2024) saw a 5.5% growth.
The revenue growth was primarily driven by comparable same-store sales growth, increased online channel sales, and an expansion in offline store networks.
Profitability also improved, with net profit rising 36.5% year-on-year to ¥848 million. Gross profit increased by 19.0% to ¥3.471 billion, with the gross margin improving from 65.3% to 66.3%.
Over 80% of total retail sales were contributed by the group’s members in FY2024. Active member accounts (those with two or more purchases within any 180-day period in the past year) exceeded 550,000, up from 510,000 in FY2023. Members with an annual spend of over ¥5,000 reached over 310,000, up from 260,000 in FY2023, contributing over 60% of offline retail sales.
The company also announced an equity investment in the onmygame brand. On March 11, 2024, its subsidiary, Hangzhou Liancheng Huazhuo Industrial Co., Ltd., signed an agreement to acquire 51% equity of Huiju for ¥96.44 million, enhancing JNBY’s designer brand portfolio.
Following the earnings release, JNBY’s stock rose by 3.67% on September 9, closing at HK$14.14 per share, with a market capitalization of approximately HK$7.3 billion.
Brand Performance:
- Mature Brand: JNBY revenue grew 1% year-on-year to ¥2.944 billion, contributing 56.2% of total revenue.
- Growth Brands: CROQUIS, jnby by JNBY, and LESS achieved revenues of ¥755 million, ¥807 million, and ¥622 million respectively, with year-on-year growth of 11.7%, 21.4%, and 18.3%, collectively contributing 41.7% of total revenue.
- Emerging Brands: POMME DE TERRE, JNBYHOME, and onmygame generated combined revenue of ¥100 million, up 28.7%, contributing 2.1% of total revenue.
Regional Breakdown:
- Chinese Mainland: Revenue grew 17.7% to ¥5.206 billion, contributing 99.4% of total revenue.
- Outside Chinese Mainland: Revenue declined 24.5% to ¥32.11 million.
Channel Breakdown:
- Offline Channels: Revenue increased 17.1%.
- Online Channels: Revenue grew 18.4%.
The total number of independent retail stores grew from 1,990 on June 30, 2023, to 2,024 as of June 30, 2024. JNBY’s retail network spans all provinces, autonomous regions, and municipalities in the Chinese Mainland, as well as nine other countries and regions worldwide.
The number of “JNBY+” multi-brand stores increased by one, reaching 20, with revenue of ¥264 million.
Outlook:
JNBY plans to further optimize its designer brand portfolio through in-house incubation or acquisitions, enhancing design and R&D capabilities to strengthen brand power and cultivate new JNBY fans.
| Source: Official Financial Report
| Image Credit: JNBY Group Official Website
| Editor: LeZhi
