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Suning's Q3 profit plunges 30%
By Ding Yining |
October 31, 2012, Wednesday
|
Online Edition
Online Edition
CHINA'S largest home appliance retailer Suning said its third-quarter profit fell 31 percent from a year earlier due to sluggish sales as consumers spend less.
Revenue rose 7.9 percent year on year to 25.2 billion yuan (US$4 billion) but profit shrank to 597 million yuan, the company said in a stock exchange filing yesterday.
Suning is working hard to catch up with online retailers by developing its own e-commerce at a time consumers are turning to the Internet to do shopping and buy electric appliances.
Sales of its online unit Yigou was 9.56 billion yuan in the first nine months.
Marketing expenses and headcounts also increased after it stepped up efforts to promote its online business.
In the third quarter, Suning closed 22 outlets, reducing the number of its brick-and-mortar stores to 1,667 by the end of September as it tried to optimize its store distribution.
Suning estimated its net profit for 2012 will drop 30 to 40 percent.
Revenue rose 7.9 percent year on year to 25.2 billion yuan (US$4 billion) but profit shrank to 597 million yuan, the company said in a stock exchange filing yesterday.
Suning is working hard to catch up with online retailers by developing its own e-commerce at a time consumers are turning to the Internet to do shopping and buy electric appliances.
Sales of its online unit Yigou was 9.56 billion yuan in the first nine months.
Marketing expenses and headcounts also increased after it stepped up efforts to promote its online business.
In the third quarter, Suning closed 22 outlets, reducing the number of its brick-and-mortar stores to 1,667 by the end of September as it tried to optimize its store distribution.
Suning estimated its net profit for 2012 will drop 30 to 40 percent.
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