Chinese retailer Peacebird sees net profit increase in Q1 2.222%

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Yuka Mannami and Fernanda Ly in Peacebird’s Fall / Winter 2017 collection. Peacebird

Shanghai-listed Peacebird, located in the traditional stronghold of Ningbo’s apparel manufacturing, said in its first-quarter earnings announcement that net profit had increased to 203.3 million yuan ($ 31.29 million), up from 2,222.25 percent on an annual basis.

Sales for the quarter also increased 93.1 percent year-on-year to 267 million yuan ($ 41 million). Women’s clothing saw the greatest growth, up 120.42 percent year-on-year, while men’s clothing sales rose 77.2 percent in the same period in 2020.

As with many other Chinese fashion companies that have reported strong growth in the first quarter in recent weeks, Peacebird acknowledged that these numbers come from last year’s unusually low base of the first quarter, which coincided with the worst outbreak of Covid-19 in China.

China’s high street retailers, including Peacebird, were particularly hard hit during that period as they traditionally relied on brick-and-mortar stores (their current network has 4,632 stores), many of which were closed or saw extremely few visitors due to restrictions in China in the early days. months of last year.

That said, Peacebird also quickly turned to e-commerce and saw a significant increase in online sales over the course of 2020. In the first quarter of 2021, e-commerce sales revenues grew 51.7 percent year-on-year.