Suning’s profit dives
Source: Shanghai Daily |
March 1, 2014, Saturday
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Print Edition
Print Edition
Suning Commerce Co, China’s largest home appliance retailer, posted an 86 percent plunge in last year’s earnings which was squeezed by lower revenue growth and increased marketing expenditure to grow its online unit. Its net profit fell to 366 million yuan (US$59.5 million) last year while sales added 7.19 percent to 105.4 billion yuan, the company said in a stock exchange filing yesterday. Revenue at its online unit Yigou rose 44 percent to 21.9 billion yuan. Sales at its stores added 6.36 percent last year. Suning said it closed 176 bricks-and-mortar stores in 2013 and opened 97 new ones.
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