The new brand lost more than 40 million yuan, and three squirrels’ revenue fell for the first time after listing

Beijing business daily (reporter Qian Yu, Wang Xiao) on the evening of March 26, three squirrels released their financial report for 2020, showing that the company’s revenue fell 3.72% to 9.794 billion yuan, and its net profit increased 26.21% to 301 million yuan. It is worth noting that this is the first decline in revenue performance since the three squirrels went public.

In terms of products, as the core category, the sales of nuts in the reporting period was 4.85 billion yuan, down 10.93% compared with that in 2019, accounting for 49.5% of the company’s revenue, of which the daily sales of nuts exceeded 1 billion yuan. In addition, sales of bakery and dried fruit also declined compared with previous years, while the revenue of meat products increased by 5.31% year on year.

As for the reasons for the decline of nut revenue, the three squirrels said in the announcement that in 2020, the online traffic will be further decentralized, and the drainage effect of nut products as the core category will begin to weaken. In this context, the company actively adjusted the product sales structure, carried out reasonable price control, and improved the profitability of nuts. Although its sales proportion declined to a certain extent, the gross profit margin increased from 26% in 2019 to 30% in 2020.

In terms of channels, the offline business of three squirrels will account for 26% in 2020, and it is expected that the offline business will account for 33% – 35% in 2021. During the reporting period, there were 78 new food stores, 171 at the end of the period, covering 24 provinces (including 4 municipalities directly under the central government) in China, with a revenue of 874 million yuan, a year-on-year increase of 16.4%. Alliance stores opened 641 new stores, with a total of 872 at the end of the period, covering 17 provinces (including 3 municipalities directly under the central government) and 154 cities, with a revenue of 459 million yuan, up 63.3% year on year. At the end of the new distribution period, it reached more than 400000 retail terminals and achieved a revenue of 1.165 billion yuan, up 37.7% year on year. The three squirrels said, “both the catering store and the alliance store are profitable as a whole.”

In addition, the three squirrels have accelerated the layout of new brands in the past two years, hatched sub brands such as Xiaolu Lanlan and raising a hairy child, and entered the segments of baby food and pet food. However, dragged down by the new brand, the revenue of the three squirrels also fell for the first time since they went public.

According to the financial report, in 2020, the main leisure snack brand “three squirrels” had a revenue of 9.718 billion yuan; in 2020, the new baby food “Xiaolu Lanlan” had a revenue of 54.95 million yuan, the pet food “raised a hairy child”, the instant food “tiegongji” and the custom wedding “xixiaoque” had a total revenue of 21.16 million yuan.

“After half a year’s operation, the new brand contributed 76.1117 million yuan in revenue and 40.4279 million yuan in net loss. Without considering the impact of the new brand, the company’s net profit increased by 43%.” Three squirrels pointed out in the announcement.

As for the loss of the new brand, the relevant person in charge of the three squirrels said in an interview with Beijing business daily, “at the initial stage of the new brand, we need to make profit promotion, establish brand awareness, and increase the promotion efforts. It is expected that there will be a certain degree of strategic loss in the future.”

As for the multi brand strategy of the three squirrels, Zhu danpeng, a food industry analyst, said, “every other line is like a mountain. In the future, we are not optimistic about the diversified development of the three squirrels.”

It is worth noting that in 2020, the three squirrels will adjust and optimize the product category structure, and clean up and eliminate more than 300 long tail SKUs. In 2020, benefiting from the reduction of SKU, the average monthly turnover rate of three squirrels will increase by nearly 20%. At the same time, during the reporting period, the total category quality customer complaints decreased by 19.1% compared with that in 2019.

For the future development plan, the relevant person in charge of the three squirrels said, “the three squirrels will continue to take” 100 billion scale “as the long-term goal, adhere to the four main axes of the medium-term strategy of” brand IP, product leadership, efficiency driven, digital intelligence empowerment “, and continue to promote the four strategic layout of” Omni channel collaboration, all category development, multi brand exploration, and strategic cooperation “, so as to further promote the development To achieve sustained growth of performance and further strengthening of profitability. “

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