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Suning Releases Interim Financial Report
September 2, 2008 |
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| Category: Gadgets & Electronics
Chinese electronics retailer Suning has released its report for the first half in 2008, which says the company achieved total revenue of CNY25.9 billion in the first six months and its net profits increased by 70.36% to CNY1.1 billion.
In the first half of 2008, Suning opened its first stores in 13 prefecture-level cities and the number of its newly opened stores was 102, making the total number of the company's stores reach 726 around China. Of these 726 stores, 111 were opened in northern China and the sales of those that were opened before 2007 increased by 57%, making this area the fastest growing market for Suning. According to the plan of Suning, the company will open 200 new stores in 2008.
Promoted by the 2008 Beijing Olympic Games, the sales of appliances have been growing since June 2008. As the Mid-Autumn Festival and the National Day holiday are drawing near, the company expects the sales will continue to increase in the second half of 2008.
Suning says that while promoting the development of its chain network in the second half of 2008, the company will enhance its control over sales terminals and its sales in the first nine months are expected to increase 60% to 90% compared with the same period last year.
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