Home China Headline Suning net surges on wider network

Suning net surges on wider network

Suning Appliance Co said yesterday its profit soared a whopping 105.42 percent last year as a wider store network helped cut costs. Suning, the country's second-largest home appliance chain, posted a net income of 720.3 million yuan (US$92.99 million) in 2006, more than doubled from a year earlier, it said in a statement posted on the Shenzhen Stock Exchange. Sales jumped 56.42 percent to 24.93 billion yuan last year. "Robust sales were bolstered by an increasing number of new outlets which consolidated the company's store network and helped raised profitability as operation and logistic costs declined," said the Nanjing-based retailer. Suning opened 136 new stores last year, raising its nationwide store number to 351 by the end of December. The Nanjing retailer aims to open 200 stores this year. The company expects its store number in China to reach 1,200 by 2010, with sales hitting 150 billion yuan, said Zhang Jindong, chairman of the company. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

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