Ming Le Sports AG
Ming Le Sports AG: Sustainable growth and high profitability in the first half of 2013
Ming Le Sports AG / Key word(s): Half Year Results 27.08.2013 / 08:52 --------------------------------------------------------------------- H1 results 2013 Ming Le Sports AG: Sustainable growth and high profitability in the first half of 2013 - Revenue growth of 25.7 per cent to 159.3 million Euros - Gross profit went up by 7.8 per cent to 46.8 million Euros - Significant EBIT increase of 11.8 per cent to 36.5 million Euros - Favourable outlook for full-year 2013 confirmed Frankfurt, 27 August 2013 - Ming Le Sports AG, a rapidly growing branded sportswear company in China, continued on its growth path. Revenues showed a year-on-year growth of 25.7 per cent and reached 159.3 million Euros (H1 2012: 126.7 million Euros). This positive development resulted from higher sales volumes in both product segments of Ming Le Sports - 'Footwear' and 'Apparels, accessories and equipment' - as well as from an increased average unit selling price of 11.80 Euros (H1 2012: 11.10 Euros). In the same period gross profit increased by 7.8 per cent to 46.8 million Euros (H1 2012: 43.4 million Euros). Also EBIT recorded a plus of 11.8 per cent adding up from 32.7 million Euros to 36.5 million Euros year-on-year. Net profit amounted to 27.4 million Euros (H1 2012: 28.6 million Euros). However margins decreased compared to the first half year 2012. Higher costs of sales incurring due to the outsourcing of manufacturing to other vendors lead to a decline of gross profit margin from 34.3 per cent to 29.4 per cent. EBIT margin slightly went down by 2.9 percentage points to 22.9 per cent (H1 2012: 25.8 per cent). Ming Le remains highly profitable Nevertheless, with a net profit margin of 17.2 per cent and an equity growth of 21.1 per cent from 155.2 million Euros to 187.9 million Euros as at June 30, 2013, Ming Le continued to be highly profitable in the first six months 2013. Equity ratio went up to 82.7 per cent (H1 2012: 81.9 per cent). Favourable outlook for the full-year confirmed Presuming that the currency rate between Euro and Renminbi remains stable, Ming Le confirms its positive outlook given in this year's Q1 report. Due to the opening of the new retail outlets and the increase in orders during the Autumn/Winter seasonal sales fair held in spring 2013, Ming Le anticipates a year-on-year revenue growth of 25.0 per cent in Euro terms in 2013 surpassing the 350.0 million Euro benchmark and a net profit margin between 17.0 and 18.0 per cent for the full year 2013. Furthermore the company follows consequently its expansion strategy: Until the end of 2013 Ming Le plans to add 630 stores including 30 self-owned flagship stores to its existing retail network. By the end of the second quarter 2013 Ming Le already had added 302 stores to its network. As of June 30, 2013, Ming Le's network of 4,092 retail outlets covered 26 provinces across China, while over 85.0 per cent of the retail network is located in Tier 3 and Tier 4 cities according to the company's strategy. Ming Le expects that its network will continue to thrive achieving the market leading position in the respective cities in the near future. The full half-year report 2013 of Ming Le Sports AG is available on the company website under http://www.mingle-sportswear.com/investor-relations/publications.html. About Ming Le Sports AG Ming Le Sports AG is a rapidly growing branded sportswear company in China targeting 16 to 35-year-old men and women who lead an urban, vibrant and active lifestyle. Ming Le's products include footwear, apparel, accessories and equipment. The company strives to offer comfortable, fashionable and affordable lifestyle and leisure sportswear. Ming Le designs its own products and manufactures them at Ming Le's facilities or through contract manufacturers. Ming Le markets and sells its products through a network of 26 distributors to over 4,000 retail outlets in China. At present, Ming Le has 1,393 employees. For further information, please contact: Kirchhoff Consult AG Anja Ben Lekhal Tel: +49(0) 40 609 186 55 Mail: anja.benlekhal@kirchhoff.de Or visit http://www.mingle-sportswear.com Disclaimer concerning prognoses This communication contains forward-looking statements Forward-looking statements are statements that are not historical facts instead they reflect the current views and expectations of Ming Le Sports and the assumptions underlying them about future events. Forward-looking statements are subject to many risks and uncertainties. If any of such risks and uncertainties materialize or if the assumptions underlying any of the forward-looking statements of Ming Le Sports are proving to be incorrect, the actual results of Ming Le Sports may be materially different from those expressed or implied by such forward-looking statements. Ming Le Sports does not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. End of Corporate News --------------------------------------------------------------------- 27.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Ming Le Sports AG Westhafenplatz 1 60327 Frankfurt am Main Germany Internet: www.mingle.cn ISIN: DE000A1MBEG8 WKN: A1MBEG Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf End of News DGAP News-Service --------------------------------------------------------------------- 227600 27.08.2013
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