After the market closed on April 29th, Shenzhen Ellassay Fashion Co., Ltd. (SH:603808) released its annual report for 2023, announcing a revenue of 2.92 billion yuan, a 21.7% increase from the same period in 2022 and a 23.4% increase from 2021, setting a new historical high.
The company’s profitability significantly improved: In 2023, the net profit attributable to the parent company was 106 million yuan, a staggering increase of 417% year-on-year. Excluding the impact of provisions for goodwill impairment and trademark use right impairment, the net profit attributable to the parent company in 2023 was 225 million yuan, an increase of 1000% compared to the previous year.
Additionally, the company increased its shareholder returns significantly in 2023. The company plans to distribute a cash dividend of 87.3 million yuan for the year, representing 83% of the net profit attributable to the parent company in 2023.
Ellassay also disclosed its first-quarter report for 2024, during which the company’s multi-brand matrix continued to achieve rapid development in the domestic market, achieving a revenue of 749 million yuan, a 12.5% year-on-year increase.
Regarding the brands, all recorded year-on-year revenue growth:
- ELLASSAY: Revenue recovered to 1.07 billion yuan, up 20.7% year-on-year.
- self-portrait: Revenue quickly exceeded 400 million yuan, continuing a 50% increase on top of the high growth of the previous two years, reaching 418 million yuan.
- IRO: Achieved impressive results in China, with revenue up 58% year-on-year, although the overall performance in overseas markets was affected by macroeconomic conditions, the brand still achieved a comprehensive growth of 10.5%.
- Laurèl: Revenue was 348 million yuan, with a rapid increase of 47.2%.
- Ed Hardy: Revenue was 308 million yuan, also showing stable growth.
For the first quarter, the revenues of ELLASSAY, Laurèl, IRO China, and self-portrait increased by 29%, 40%, 21%, and 12% year-on-year, respectively.
In terms of channels, Ellassay efficiently expanded its multi-brand offline stores. By the end of 2023, the company had a total of 652 stores, a net increase of 39 from the beginning of the year, including 44 additional directly operated stores.
Additionally, the company comprehensively enhanced the end-user service experience, further increasing single-store output, especially in the IRO brand in China and the Laurèl brand, both of which achieved an in-store output exceeding that of 2021.
As of the close of April 30th, Ellassay’s stock price fell by 3.47% to 7.78 yuan per share, with a total market value of approximately 2.9 billion yuan.
| Source: Official Announcement
| Image Credit: Brand Official Website
| Editor: LeZhi
