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Suning posts 30% drop in first-half profit
By Ding Yining |
14:12 UTC+8 August 31, 2012
|
Online Edition
Online Edition
SUNING Appliance Co, China's biggest home appliance retailer by market value, reported a 30 percent drop in first-half net profit due to weak market demand.
The Nanjing-based retailer said in a filing to Shenzhen Stock Exchange yesterday that its first-half profit was 1.75 billion yuan (US$278 million), compared with 2.47 billion yuan a year ago. Sales rose 6.69 percent to 47.2 billion yuan.
By the end of June, Suning had opened 1,689 stores in Chinese mainland.
Same-store sales were down 10.38 percent from a year ago due to an overall lowering of home appliance sales. Sales in second- and third-tier cities dropped the most.
Suning said its profit decrease was due to unfavorable economic situation and the booming of online shopping sites.
Suning is now making business adjustment and has been more cautious in opening new outlets in recent months.
Its online unit Yigou recorded 5.3 billion yuan revenue in the first six months.
The company said it plans to add 60 logistics centers by 2015 to extend its delivery network.
The Nanjing-based retailer said in a filing to Shenzhen Stock Exchange yesterday that its first-half profit was 1.75 billion yuan (US$278 million), compared with 2.47 billion yuan a year ago. Sales rose 6.69 percent to 47.2 billion yuan.
By the end of June, Suning had opened 1,689 stores in Chinese mainland.
Same-store sales were down 10.38 percent from a year ago due to an overall lowering of home appliance sales. Sales in second- and third-tier cities dropped the most.
Suning said its profit decrease was due to unfavorable economic situation and the booming of online shopping sites.
Suning is now making business adjustment and has been more cautious in opening new outlets in recent months.
Its online unit Yigou recorded 5.3 billion yuan revenue in the first six months.
The company said it plans to add 60 logistics centers by 2015 to extend its delivery network.
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