Retail in Asia

In Shops

Profit falls 88pc as Gome’s sales slide

Gome Electrical Appliances, China’s second-largest home appliance retailer, saw profits slump nearly 90 percent in the first three months of this year because of sliding sales and losses from its e-commerce business. Analysts expect its weak performance to continue this year in a cooling appliance market.

The company on Friday said in a filing that sales revenue for the three months to March dropped 28.6 percent compared to the same quarter in 2011, to CNY9.76 billion (USD1.54b).

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(Source: scmp.com)