Dangdang Q4 profit sinks 33%
By Ding Yining |
March 11, 2011, Friday
|
Print Edition
Print Edition
ONLINE retailer Dangdang.com said fourth-quarter profit fell 33 percent annually to 14.8 million yuan (US$2.2 million) due to an accounting change.
The company saw sales jump 58.7 percent year on year to 710.9 million yuan in the fourth quarter of 2010 while sales for the whole of last year totaled 2.28 billion yuan, a 56.5-percent rise from the previous year.
As competition from domestic retailers - including 360Buy, an online home appliance retailer, and Alibaba Group's C2C site Taobao.com - has grown, Dangdang, which started as an online book store, has been aggressively expanding to other product categories such as daily necessities and general merchandise.
"Expanding to groceries and general merchandise is a big trend for online retailers but sales contributions from these categories to grow may take time to materialize," said Zhang Yanping, an iResearch Inc analyst.
The company saw sales jump 58.7 percent year on year to 710.9 million yuan in the fourth quarter of 2010 while sales for the whole of last year totaled 2.28 billion yuan, a 56.5-percent rise from the previous year.
As competition from domestic retailers - including 360Buy, an online home appliance retailer, and Alibaba Group's C2C site Taobao.com - has grown, Dangdang, which started as an online book store, has been aggressively expanding to other product categories such as daily necessities and general merchandise.
"Expanding to groceries and general merchandise is a big trend for online retailers but sales contributions from these categories to grow may take time to materialize," said Zhang Yanping, an iResearch Inc analyst.
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