results in line with expected revenue of the company the first three quarters of 7.835 billion yuan, an increase of 4.22%, 1.37 percentage points increase over the first half growth,hermes, new business revenue contribution to open shop in Taiyuan, about 7,000 million. Parent company, revenue continued to decline, down 11.4% from a year earlier hermes birkin, mainly due to Olympic merchandise sales last year, more than 200 million yuan in the same department store headquarters of the National Day parade this year, and Dong’an greater impact due. Net of the parent factors, and other stores operating income increase of 25%, same store growth of over 20%, far better than the industry average. The first three quarters of net profit attributable to parent company 273 million, an increase of 6.52%, the growth rate increase over the first half. To open by the third quarter, Lanzhou, Kunming shop start-up costs increase and financial costs caused by increased rapidly, the company operating and management costs and chain-year rate of increase,respectively, 0.23 and 0.15 percentage points. However,hermes kelly, substantial growth in investment income for the same period, largely offset by costs of rapid growth.
fourth quarter business outlook good sales of the company during the Golden Week, in addition to department stores and other stores by the impact of the National Day parade, the other off-site store sales growth were more than 30% sales growth for the fourth quarter Speed has laid a good foundation. Wangfujing North Building, completed in August this year,hermes wallets, adjustments,functional areas have also been opened. Adjustments from a brand perspective hermes scarf ,hermes bags, the introduction of Hermes, Van Cleef & Arpels and some other brands, but also introduced a comprehensive MUJI living museum, and enhance the store’s set-off capability. The company also signed contracts with Erdos, Daxing, Beijing, Zhengzhou, Chung Dong New Area and other stores, the company’s long-term development of the foundation.
investment advice taking into account the dilution of convertible bonds, we expect 2009-2011 EPS to 1.05,1.35 and 1.72 yuan. North Star 2 million net equity value, corresponding to 09-2011 years, the company is trading for the 30,23 and 18 times PE, as the industry’s most competitive national chain of department stores,hermes birkin hermes birkin bag , the company is still highly valued strengths, we maintain our Buy rating, adjusting the target price to 40 yuan, 30 times 10 years, corresponding to PE.