Retail in Asia

In Trends

China’s Suning posts 30pc drop in 1H profit

Suning Appliance Co, China’s biggest home appliance retailer by market value, reported a 30 percent drop in first-half net profit due to weak market demand.

The Nanjing-based retailer said in a filing to Shenzhen Stock Exchange yesterday that its first-half profit was CNY1.75 billion (USD278 million), compared with CNY2.47b a year ago. Sales rose 6.69 percent to CNY47.2b.

By the end of June, Suning had opened 1,689 stores in China’s mainland.

(Source: Shanghai Daily )