Chinese electronics and home appliances retailer Suning has published its financial report for the third quarter of 2010, stating that the company realized a net increase of 131 chain stores during the reporting period, marking the highest quarterly expansion speed in its history.
The report also said that Suning's total net profit in the first three quarters of 2010 was CNY2.83 billion, a year-on-year increase of 43.58% and its earnings per share was CNY0.4.
Suning revealed that the company accelerated its expansion in the second half of 2010 and further enlarged its retail chain network. During the third quarter of 2010, Suning entered nine new prefecture-level and above cities. So far, the company has entered 23 new prefecture-level and above cities this year, with a net increase of 265 chain stores. The company now has 1,206 chain stores on the Chinese mainland. In addition, Suning has 22 stores in Hong Kong and seven in Japan.
Suning said that the company will enter its 20th anniversary celebration period in the fourth quarter and the opening of its stores will maintain a relatively high level.
Suning's financial report also showed that its gross profit margin in the third quarter of 2010 was stable and reached 17.58%. Based on its analysis of the future market and the development of the company, its net profit attributable to shareholders in 2010 will increase by between 30% and 45% compared with the same period in 2009.