海澜之家：第三季度收入下滑11% 费用率提升盈利承压

国信证券11-06

第三季度收入下滑11%，销售费用率提升，盈利承压。海澜之家是国内大众男装龙头品牌公司。2024 年以来服装零售整体承压、三季度消费需求愈加疲软，第三季度收入同比-11.0%至38.9 亿元；毛利率同比-1.1 百分点至42.8%；除销售费用率外其他费用率较为稳定，销售费用率同比+5.8 百分点至24.8%，销售费用同比+16.0%至9.6 亿元，预计一方面因主品牌直营占比提升，另一方面与斯搏兹...

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