Retail in Asia

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China’s Sun Art Retail 1H net jumps 75pc; eyes expansion

China’s largest hypermarket chain, Sun Art Retail Group, posted a 75 percent jump in first-half net profit on Tuesday, helped by effective cost controls and an expanded sales network, highlighting its resilience to an economic slowdown that has sapped consumer demand and bloated inventories.

Sun Art, a joint venture between Taiwan conglomerate Ruentex Group and privately held French retailer Groupe Auchan SA, said first-half net profit was CNY1.37 billion (USD215.52 million), up from CNY784m a year earlier.

The group said it would identify new sites for hypermarkets this year and expand further into smaller Chinese cities as they become more affluent.    

(Source: CNBC)