PR Newswire
SHISHI, China, Dec. 19, 2017
SHISHI, China, Dec. 19, 2017 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced its unaudited financial results for the second quarter and the first half of 2017.
Second Quarter of 2017 Financial Highlights
| For the Three Months Ended June 30, | ||||
($ millions, except per share data) | 2017 | | 2016 | | % Change |
Revenues | 4.07 | | 7.91 | | -48.6% |
Distribution network | 3.47 | | 6.83 | | -49.2% |
Corporate stores | 0.13 | | 0.48 | | -72.2% |
OEM | 0.47 | | 0.61 | | -23.2% |
Gross profit | 0.86 | | 1.75 | | -50.6% |
Gross margin | 21.2% | | 22.1% | | -0.9 pp |
Operating income (loss) | -2.93 | | 0.40 | | -840.6% |
Operating (loss) margin | -72.1% | | 5.0% | | -77.1 pp |
GAAP net income (loss) | -2.24 | | 0.08 | | -2959.9% |
GAAP Earnings (loss) per share | -1.26 | | 0.05 | | -2897.0% |
Mr. Xiaowen Zheng, Chief Executive Officer of the Company commented, "The garment industry continued to face significant headwinds with slowdown of demand and industry-wide inventory build-up this year, leading to continued decline of our business in the second quarter. While we are disappointed with the second quarter results, we are exploring alternatives to reposition the KBS brands and believe that the Company has the solid fundamentals to come out stronger from the downturn."
Second Quarter of 2017 Financial Results
Revenues
Total revenues decreased by $3.84 million, or 48.6%, to $4.07 million for the second quarter of 2017 from $7.91 million for the same period of last year. The decrease was related to decreased sales from distribution network, corporate stores and OEM.
| | For the Three Months Ended June 30, | ||||||||||
| | 2017 | | 2016 | ||||||||
($ millions) | | Revenues | | Gross Profit | | Gross Margin | | Revenues | | Gross Profit | | Gross Margin |
Distribution network | | 3.47 | | 0.66 | | 19.1% | | 6.83 | | 1.37 | | 20.0% |
Corporate stores | | 0.13 | | 0.06 | | 47.7% | | 0.48 | | 0.16 | | 34.3% |
OEM | | 0.47 | | 0.14 | | 29.5% | | 0.61 | | 0.22 | | 35.9% |
Total | | 4.07 | | 0.86 | | 21.2% | | 7.91 | | 1.75 | | 22.1% |
Revenues from the Company's distribution network decreased by $3.36 million, or 49.2%, to $3.47 million for the second quarter of 2017 from $6.83 million for the same period of last year. Distribution network contributed 85.3% of total revenues for the second quarter of 2017, compared to 86.3% for the same period of last year. The Company's distributor network consisted of 24 distributors in 12 provinces during the second quarter of 2017, compared to 30 distributors in 15 provinces during the same period of last year. Most of these distributors, either directly or through their sub-distributors, operate KBS-branded stores. Some wholesale distributors sold the products to multi-branded stores and online stores. As of June 30, 2017, the Company operated 49 branded franchise stores, primarily in second and third tier cities. KBS products distributed to the fourth and fifth tier cities are primarily sold in multi-branded department stores and online shops. As a comparison, the Company operated 60 branded franchise stores as of June 30, 2016.
The following table lists by region the number of retail stores operated by distributors and sub-distributors as of June 30, 2017:
| | | |
Location | | As of June 30, 2017 | |
Fujian | | 8 | |
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