New Electronics Retail Stores Push Gome's Net Profit Higher In ChinaSeptember 1, 2011 | Print | Comments | Category: Business, Gadgets & Electronics
Chinese home appliances and electronics retailer Gome has published its semi-annual results ended June 30, 2011, stating that its revenue from retail stores increased by 19.8% year-on-year to CNY29.8 billion; and its net profit increased by 30% year-on-year to CNY1.25 billion.
In addition, Gome's comprehensive gross margin increased from 17.0% in the first half of 2010 to 18.3%. By the end of the reporting period, the cash and cash equivalents of Gome's listed unit had increased from CNY6.23 billion at the end of 2010 to CNY8.4 billion.
Gome said that the company opened 131 new stores during the first half of 2011 and the number of stores of Gome's listed company has increased to 938. At the same time, the total number of its stores, including those non-listed ones, reached 1,491.
It is said that Gome's listed company has renovated 18 large flagship stores and started renovations of 337 flagship stores and anchor standard stores in major Chinese regions. Meanwhile, the company completed renovation of 112 stores in second-tier markets.
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