Retailer's profit up after fight for control
By Lu Nengneng |
August 30, 2011, Tuesday
|
Print Edition
Print Edition
CHINA'S second-largest electrical appliance retailer, Gome Electrical Appliances, yesterday said net profit jumped 30 percent to 1.25 billion yuan (US$196 million) in the first half of 2011 compared with the same period a year ago.
Revenue was up 19.8 percent to 29.8 billion yuan, the company said.
Its major rival, Suning Appliance, reported in a financial preview last month its net profit surged 25.3 percent to 2.47 billion yuan over the first half, almost twice that of Gome's, revenue rising 22.68 percent to 44.23 billion yuan.
Analysts said the figures show Gome is back on track after a three-year battle for control between jailed founder Huang Guangyu and former chairman Chen Xiao that came to an end this March.
Zhang Dazhong, the new chairman and non-executive director, said the company will accelerate outlet openings. The company has launched 131 new stores so far this year and expects to open another 130 in the second half, 60 percent of which will be in second-tier cities.
Having closed 17 underperforming stores, the retailer now has about 1,490 outlets covering 364 large and medium-sized cities in China, including 553 unlisted stores owned by Huang.
The company said gross first-half profit rose 1.75 points to 12.51 percent from a year earlier.
Gome's shares closed up 3.96 percent at HK$3.41 in Hong Kong yesterday.
Revenue was up 19.8 percent to 29.8 billion yuan, the company said.
Its major rival, Suning Appliance, reported in a financial preview last month its net profit surged 25.3 percent to 2.47 billion yuan over the first half, almost twice that of Gome's, revenue rising 22.68 percent to 44.23 billion yuan.
Analysts said the figures show Gome is back on track after a three-year battle for control between jailed founder Huang Guangyu and former chairman Chen Xiao that came to an end this March.
Zhang Dazhong, the new chairman and non-executive director, said the company will accelerate outlet openings. The company has launched 131 new stores so far this year and expects to open another 130 in the second half, 60 percent of which will be in second-tier cities.
Having closed 17 underperforming stores, the retailer now has about 1,490 outlets covering 364 large and medium-sized cities in China, including 553 unlisted stores owned by Huang.
The company said gross first-half profit rose 1.75 points to 12.51 percent from a year earlier.
Gome's shares closed up 3.96 percent at HK$3.41 in Hong Kong yesterday.
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