LF, ran the year's operating margin improved tri sickle-one geumtu

One year, the operating margin improved to finance investment in 12 days LF [Korea hyerin nine financial newspaper reporter] explained dalryeotdago subsidiary Tri sickle. Tri sickle argument after the second quarter of 2015, losses widened last year. Recommendation made BUY, TP maintains ₩ 25,000.

4Q11 consolidated sales and operating profit, respectively, and LF are recorded 451.5 billion won (YoY -1.4%), 340 billion won (YoY + 9.5%), were in line with market expectations.

Hana Financial Investment Lee, Hwa - Young Researchers' extra revenue, but decreased by 3.8% YoY, and operating profit rose 19% jeungik yy 'said,' External shrink two brands advanced in the first half of this year (Jill by Jill, one CORPS cattle ) was caused by the withdrawal effects in department stores and outdoor brand Lafuma sluggish "he said.

In addition, the operating margin came in at 10.8%, an improvement compared to + 2% points in 2015. Streamlining costs (SG & A ratio YoY -2.5% p) that drove the profitability improvement.

The researchers 'consolidated jeungik width is less reason than separate from its subsidiaries Tri sickle deficit widening influence, saying,' subsidiary LF Food is the Makita-no Chaya new point (Pangyo) Hojo was followed by earnings, Beijing Corporation (Lafuma) reported a turnaround with increased sales, he said.

Year consolidated sales increased and operating profit of 2% compared to last year is forecast to increase by 14%.

"There whether the consolidated operating margin improvement will depend on the Tri-sickle subsidiary Chinese subsidiary (Shanghai, Beijing)," the researchers' expects its own brand Jill Stuart Sports launching and introducing foreign brands are contributing to top-line growth, "he said, and said.

Tri-sickle will continue working to improve the constitution, including the second quarter of 2015 after the acquisition last year, organized Brands, personnel and system construction and widened the deficit.

He added, "top-line growth in 2017 according to the platform awareness seems to decide whether to profitability."



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