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Chinese home appliance retailer GOME expects full-year loss – Retail in Asia

Retail in Asia

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Chinese home appliance retailer GOME expects full-year loss

GOME Electrical Appliances, backed by private equity firm Bain Capital, expects it made a loss last year because of a slowdown in China’s economy and an unprofitable e-commerce business, the company said on Monday.

GOME, China’s second largest home appliance retailer behind Suning Appliance, posted a net loss for the first nine months of 2012 and its shares halved in value last year.

In a statement, the company attributed the full-year loss forecast to falling revenue, rising rental costs and the losses in the e-commerce business, in which it has invested heavily.