Gome profits in Q1
By Pan Xiaoyi |
May 15, 2010, Saturday
|
Print Edition
Print Edition
GOME Electrical Appliances Holdings reported first-quarter net profit rose 3.4 percent from a year ago after closing 13 more underperforming stores.
Profit amounted to 333 million yuan (US$48.8 milion) in this period. Revenue grew 20.2 percent to 11.78 billion yuan in the first quarter, according to the unaudited results it filed to the Hong Kong Stock Exchange.
"The operational performance in the first three months has trended up to the level of 2008, thanks to the effectiveness of our transformation strategy," said Chen Xiao, chairman and president of the company.
The strategy focused on network rationalization and individual store profit enhancement. In 2009, Gome closed 189 underperforming stores.
Benefiting from the strategy, individual store sales in the first quarter rose 39.6 percent year-on-year.
Profit amounted to 333 million yuan (US$48.8 milion) in this period. Revenue grew 20.2 percent to 11.78 billion yuan in the first quarter, according to the unaudited results it filed to the Hong Kong Stock Exchange.
"The operational performance in the first three months has trended up to the level of 2008, thanks to the effectiveness of our transformation strategy," said Chen Xiao, chairman and president of the company.
The strategy focused on network rationalization and individual store profit enhancement. In 2009, Gome closed 189 underperforming stores.
Benefiting from the strategy, individual store sales in the first quarter rose 39.6 percent year-on-year.
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