Business Intelligence on Retailing, Franchising, and Consumerism in China

Beijing Jingkelong Reports Half Year Profits

Beijing Jingkelong Company Limited has published its half year report, which shows that as of June 30, 2008, the company had made net profits of CNY76.361 million, a year-on-year increase of 34.39%.

Chen Limin, CFO of Jingkelong, stated that the total retail sales of the company in July 2008 had increased by 20%. The company invested CNY248 million in its retail sector in the first half of 2008 and in the second half, it will continue to invest CNY100 million to open a directly-managed hypermarket, four supermarkets, and five convenience stores.

By June 30, 2008, the revenue from Jingkelong's retail sector increased 18.3%; the revenue from its wholesale sector increased 43.9%; its gross profit and gross profit rate were up 38.5% and 0.8 percentage points respectively; and its same-store sales were up 9.5%, a year-on-year decrease of 4 percentage points.

Chen stated that the major reasons for the decrease of same-store sales are competition and the increase in the CPI. However, she predicted that the sales of individual stores would rise by an average of 9% in the second half of 2008.

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