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At the same time, high inventory is 2012 clothing enterprises facing difficulties. Publicly available data show that the first half of 2012, Li Ning and Anta, xtep, 361 degrees, 42 listed clothing companies such as peak inventory total as high as 48.3 billion yuan. In order to absorb high inventories, the apparel brand in the second half of 2012, set off a wave of discountsNoble birds themselves are difficult to separa  new balance 574 alpine pack uk  te from outside the sector. From elegant bird prospectus disclosure of inventory turnover and tax benefits or risks of cancellation, elegant birds of high growth performance is exceedingly difficult to continue.

First of all, judging from the stock turnover, elegant birds inventory turnover has been accelerated, in 2009 from 6.4 in 2011 to 9.44 times, which means elegant bird inventory turnover days from 56 days to 38 days.However, although the stock turnover increase, elegant birds still a substantial increase in its inventory. Elegant birds 2011 for its inventory of 142.8023 million Yuan, is the end of 2010 to increase of 57 million Yuan, an increase of 65.68%. At the same time, 2011 stock is higher than the 2009 stock 49.0027 million Yuan.Meanwhile, the elega new balance 574 carnival uk  nt birds as foreign-funded enterprises, exempt from income tax in 2008-2009, halving income tax during 2010-2012. From 2013 onwards, in the absence of other new preferential tax policies, income tax rates will return to

normal.Elegant bird in the prospectus admits that may run the risk of tax due after listing. Prospectus showed that noble bird in 2008 began to enjoy tax benefits of halving national exemptions and three, during the 2008 and 2009 will be exempted from tax, halve the period from 2010 to 2012, tax, income tax rate 12.5%.2011, 2010 and 2009, the preferential income tax net income, respectively, and 10.36%, and 30.46%.Elegant birds is not a premium brand in the Chinese market, noble bird in its prospectus also admitted that foreign brands such as Nike, adidas, with its strong research and development and capital strength, firmly occupy the domestic sneakers serve high-end markets. Li Ning and Anta, represented by leading