Chinese electronics and home appliances retailer Gome has published its financial report for the first quarter of 2012, stating that its operating revenue decreased by 28.62% year-on-year to CNY9.762 billion during the reporting period.
Meanwhile, the company reported operating profit of CNY53 million, a year-on-year decline of 92.26%; its gross margin was 19.95%, a year-on-year increase of 1.34 percentage points; and its profit attributable to shareholders was CNY67.39 million, a year-on-year decrease of 87.79%.
The financial report showed that the company's costs, including sales expense, management expense, and financial cost, maintained the same level as last year.
Suning, a major competitor of Gome, also recently announced its performance for the first quarter of 2012, which showed that its operating revenue increased by 10% year-on-year to CNY22.641 billion; and its profit attributable to shareholders decreased by 15.3% year-on-year to CNY951 million. By the end of March 2012, Suning had developed 1,714 chain stores.