bedding one of the leading enterprises of the Carolina textile, as typical of the “White Horse shares many institutional investors favor. However, for the evaluation of chain sales company a very important indicator of the physical number of stores, the company’s official website and the data disclosed in the financial report but there is a big difference, and this will lead to a single store operation efficiency of the company true level may be virtual estimate.

the number of physical stores and confusion

account, but unfortunately crashed out of the

article in the last figure Nocturne “in Chinese stocks European stocks God,” Anthony Bolton, the main “bad” in an “only 60% of the store real” chain sales enterprise . In fact, like this company in the A shares, there are also described in this article the Carolina textile had this suspect. Only oddity is that the others are false financial report with the number of chain stores, while the Carolina textile contrary, the number of stores is far less than the company’s official website describes the content disclosed in the financial report.

according to the official website of the Carolina textile public information, as of the first half of 2011, and 2628 the number of co-branded stores, an end of a net increase of 543. However, although in the 2011 Carolina textile semi-annual report does not disclose in detail the number of stores door, but according to its 2011 annual report disclosed that as of when the end of a total entity brand the number of stores for 2371, announced in 2011 than the company’s official website The data in the first half of the end of the 257 less.

assume this is true, means the Carolina textile store in the second half of 2011, a net reduction of up to 257, almost disclosed in the annual report the net increase in the number of stores to 286 matched, which is is clearly contrary to the company “through the upgrading of the structure of the regional market outlets to improve the performance of the channel construction, multi-shop, quick shop” development strategy. Therefore, we have reason to doubt that the Carolina textile annual report disclosure of the entity number of stores, and the number of the official website of the company’s disclosure, there must exist a data is wrong.

If the store number of the Carolina textile annual report disclosure is true, then corresponds to the official website of the company’s disclosure of data is undoubtedly too exaggerated, misleading franchisees and consumers too; official websites of the data is correct , the annual report data on the alleged false disclosure. Visible, regardless of which set of data is true both for the integrity of the Carolina textile image above is covered with dust.

which

data more realistic

If we further against the Carolina textile and financial data for analysis will be aware of the real number of the company’s physical stores are likely to be more close to their official websites of the number, ie 2628, far more than disclosed in the 2011 Annual Report 2371 . Carolina textile fixed assets – houses and buildings are some of the basic production office plant, does not include the assets of the store shops, we can conclude that the store of the company form of a lease, the company’s annual operating expenses in – of rental fee the amount should be linearly proportional to the number of its physical store relationship.

Carolina textile,

2010 the total operating expenses – rental fee of 25.3811 million yuan, should be the end of 2058 the store, shop rental costs 12,300 yuan. Reference to this standard, of the company’s 2011 annual operating expenses – rental fee of 32.7713 million yuan, the corresponding number of the store up to 2657 and 2628 the company’s official website announced closer to the disclosure of the 2371 and Annual Report The home is a difference of 286. So we can basically conclude that if the lease cost of the amount of data disclosed in the unmistakable, Carolina textile official disclosure of the store number of credibility, should be higher than the number of annual report disclosure, the company’s annual report alleged false disclosure.

perhaps investors will be confused, the chain of sales listed company making a false report the number of stores is more common acts of financial fraud, so little to calculate the number of stores, what is good for listed companies? In fact, the number of stores is indeed one of the indicators to measure the potential for future development of chain sales companies, but at the same time, single-store revenue levels and growth, the level of profitability and ability to grow is an important indicator of related to the company’s sales management capability guiding significance for investment and even greater than the single indicator of the number of physical stores.

If we follow these two caliber Carolina textile-related data measured, we can easily find a single store revenue growth before and after the two sets of data derived level and single-store operating profit level of growth is a huge difference, but Obviously, the Annual Report data will make investors given the company’s operating efficiency to a higher evaluation (see table).

of

In addition, integral marketing strategies implemented by the Carolina textile, corresponding to the performance of its financial data is also full of contradictions, this issue will be further attention.