Suning posts 33% climb in 2009 profit
By Pan Xiaoyi |
March 16, 2010, Tuesday
|
Print Edition
Print Edition
SUNING Appliance Co said yesterday full-year profit in 2009 jumped more than 30 percent from a year earlier, thanks to the Chinese government's stimulus measures to boost domestic consumption.
Net income increased 33.17 percent from a year earlier to 2.89 billion yuan (US$423 million) in 2009. Revenue rose 16.84 percent to 58.3 billion yuan, according to a statement filed to the Shenzhen Stock Exchange.
The Nanjing-based retailer opened 182 outlets to bring the total to 941 by the end of 2009. Same-store sales gained 6.98 percent.
"The performance has beaten our expectations thanks to robust organic growth as a result of the recovery in consumer confidence," said Shi Ping, a Minsheng Securities analyst.
For this year, Shi said the strong housing transactions in 2009 "will translate into demand for electrical appliances this year since renovation usually lags behind" the actual completion of the deal.
Suning built more logistics centers to boost its capability by 30 percent in 2009. Apart from five logistics bases under construction, it has chosen another 20 sites to build more centers.
Suning made a successful entry into Hong Kong and Japan last year by acquiring Citicall and taking a controlling stake in Laox.
Net income increased 33.17 percent from a year earlier to 2.89 billion yuan (US$423 million) in 2009. Revenue rose 16.84 percent to 58.3 billion yuan, according to a statement filed to the Shenzhen Stock Exchange.
The Nanjing-based retailer opened 182 outlets to bring the total to 941 by the end of 2009. Same-store sales gained 6.98 percent.
"The performance has beaten our expectations thanks to robust organic growth as a result of the recovery in consumer confidence," said Shi Ping, a Minsheng Securities analyst.
For this year, Shi said the strong housing transactions in 2009 "will translate into demand for electrical appliances this year since renovation usually lags behind" the actual completion of the deal.
Suning built more logistics centers to boost its capability by 30 percent in 2009. Apart from five logistics bases under construction, it has chosen another 20 sites to build more centers.
Suning made a successful entry into Hong Kong and Japan last year by acquiring Citicall and taking a controlling stake in Laox.
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