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Suning posts 749m yuan loss in first half
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Suning Commerce Co posted its first half-year loss since it went public in 2004 after online expansion put a dent in profit.
Losses in the second quarter reached 315 million yuan, an improvement from the 434 million yuan (US$70 million) loss in the first three months, the company said in an earnings release today. Revenue in the first half was down 7.87 percent from a year ago to 51.1 billion yuan.
Suning has been upgrading its network to focus on lower-tier cities. In the first half, it closed 64 stores on China's mainland while opening 62. More than 80 percent of new openings were in second and third-tier cities. As of the end of June, it had 1,583 stores on the mainland.
The retailer has been leveraging its logistics and warehouse infrastructure to expand its online shopping business to catch up with rivals such as Alibaba and JD.com.
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