Chinese home appliances and electronics retailer Suning has announced its results for the first half of 2011.
The company stated that its operating revenue increased by 22.68% year-on-year to CNY44.23 billion from January to June 2011; its net profit increased by 25.35% year-on-year to CNY2.47 billion; and the number of its chain stores reached 1,488.
By the end of the reporting period, Suning had developed 1,451 chain retail stores in 243 cities on the Chinese mainland. The company also had 28 chain stores in Hong Kong and nine chain stores in Japan, totaling 1,488.
With the smooth expansion of its chain network, Suning's comparable stores, referring to stores opened before January 1, 2010, saw sales growth of 3.14% year-on-year; meanwhile, the ratio of sales from the second- and third-tier markets has increased.
The report published by Suning said that the company has been promoting the multi-channel sales model and its B2C business achieved operating revenue of CNY2.569 billion, including tax, during the reporting period. For the information sector, while enhancing its existing ERP system, Suning further improved its Internet information technology capacity to effectively support the development of B2C business.