Suning shares rise as online sales soar
Print Edition
Shares of Suning Commerce Co, China’s largest home appliance retailer, rose 1.43 percent yesterday after sales at its online unit doubled from a year ago despite falling profit.
Profit in the first half of this year was down 58 percent from a year ago to 733 million yuan (US$118 million), it said in a preliminary earnings report.
The company’s shares closed at 5.66 yuan in Shenzhen.
First-half transaction volume at its online unit Yigou doubled from that of 2012 to 10.6 billion yuan.
Overall revenue added 17.5 percent to 55.4 billion yuan.
“We continued to optimize our operating structure although slower economic growth restrained consumer spending,” the company said in a statement.
The number of outlets Suning operates also fell as the company continues to optimize its retail network. The firm owns a total of 1,572 stores in China’s mainland, with 28 new openings in the first half and 120 closures.
Suning is stepping up its transformation to include more general merchandise by joining hands with external vendors and also started to carry out same pricing for products at both its brick-and-mortar stores and its online unit Yigou in June.
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