Chinese electronics and home appliances retailer Suning has published its annual financial report for 2011, stating that its total operating revenue increased by 24.35% year-on-year to CNY93.889 billion; while its net profit increased by 20.14% year-on-year to CNY4.819 billion.
By the end of the reporting period, Suning had opened 1,724 chain stores, including 1,684 stores in 256 cities in mainland China, 30 in Hong Kong and ten in Japan. The sales of its comparable stores, those opened before January 1, 2010, increased by 3.39% year-on-year.
For chain store development, Suning accelerated its expansion in third- and fourth-tier markets. Meanwhile, the company opened its first Laox store in 2011.
In regards to its development in mainland China, the retailer entered 25 new cities and opened 398 new chain stores in 2011. At the same time, it closed and exchanged 25 chain stores, realizing a net increase of 373 chain stores. In Hong Kong, the company opened nine new chain stores and closed and exchanged two. In Japan, it opened three new stores and closed and exchanged one.
During the reporting period, Suning also completed the construction of four logistic bases. By the end of 2011, the company had eight logistic bases in operation; ten undergoing construction; and signed 24 reserved bases. In addition, its automated storage and sorting warehouse for small goods in Nanjing was undergoing the final testing stage; while its warehouse site selection and design were implemented in Beijing and Wuhan.
