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Gome sees profit and revenue increase
By Pan Xiaoyi |
November 16, 2010, Tuesday
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Print Edition
Print Edition
GOME Electrical Appliances Holding said yesterday profit surged 49 percent to 1.44 billion yuan (US$217 million) in the first three quarters.
Revenue reached 37.27 billion in the same period, up 18.6 percent year on year, Gome said in a statement to Hong Kong's stock exchange. Although analysts are upbeat about earnings prospects in the rest of the year after an internal struggle for control of the retail giant finally ended, some said Gome may be overtaken by rival Suning in terms of both revenue and the number of stores for the first time.
Suning overtook Gome to become China's biggest electronics retailer by sales in 2008, according to data compiled by Bloomberg. In comparison, Suning earlier posted a net profit at 2.8 billion yuan in the first nine months, nearly doubling Gome's income.
Gome had a net opening of 61 stores in the first nine months, bringing its total to 1,255 including the Gome listed group, Dazhong Appliance, Sanlian Commercial and the parent company, according to the statement.
Meanwhile, Suning added 265 stores in the same period bringing its total to 1,235, including those in Hong Kong and Japan. In mid September, Suning said another 150 stores will open by year end.
Gome experienced a slowdown in expansion when its jailed founder Huang Guangyu and management team led by Chen Xiao began a tug-of-war for control of the company. The battle ended last week as the two sides agreed to add two representatives of Huang to the board of directors.
Revenue reached 37.27 billion in the same period, up 18.6 percent year on year, Gome said in a statement to Hong Kong's stock exchange. Although analysts are upbeat about earnings prospects in the rest of the year after an internal struggle for control of the retail giant finally ended, some said Gome may be overtaken by rival Suning in terms of both revenue and the number of stores for the first time.
Suning overtook Gome to become China's biggest electronics retailer by sales in 2008, according to data compiled by Bloomberg. In comparison, Suning earlier posted a net profit at 2.8 billion yuan in the first nine months, nearly doubling Gome's income.
Gome had a net opening of 61 stores in the first nine months, bringing its total to 1,255 including the Gome listed group, Dazhong Appliance, Sanlian Commercial and the parent company, according to the statement.
Meanwhile, Suning added 265 stores in the same period bringing its total to 1,235, including those in Hong Kong and Japan. In mid September, Suning said another 150 stores will open by year end.
Gome experienced a slowdown in expansion when its jailed founder Huang Guangyu and management team led by Chen Xiao began a tug-of-war for control of the company. The battle ended last week as the two sides agreed to add two representatives of Huang to the board of directors.
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