Jingkelong Pushes Revenue Higher In China

Beijing-based supermarket retailer Jingkelong has published its financial report for the third quarter of 2011, stating that it gained revenue of CNY2.3 billion during the reporting period, a year-on-year increase of 16.28%.

The company's net profit was CNY64 million, a year-on-year increase of 12.28%; and its gross margin was about 16.4%.

According to the report, Jingkelong's sales costs increased by 15% in the first nine months of 2011. Meanwhile, its total revenue reached CNY6.351 billion, a year-on-year increase of 16.61%; and its revenue from the retail business reached CNY3.307 billion, a year-on-year increase of 28.92%.

In addition, the financial report showed that Jingkelong opened four new owned stores and two new franchises convenience stores in the third quarter of 2011. It also closed three franchised convenience stores during the period. So far, the Chinese retailer has 249 retail stores.

Prior to this, Jingkelong submitted an application to the China Securities Regulatory Commission for its return to the Chinese A-share market. However, the application was refused.

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