Business Intelligence on Retailing, Franchising, and Consumerism in China

Beijing Jingkelong Net Profits Up 36.8% In First Three Quarters Of 2008

The Beijing-based supermarket chain Jingkelong has published its financial report for the first three quarters of 2008, which said that by September 2008, the company's net profits had increased by 36.8% to CNY121.1 million.

The report said that in the first nine months of 2008, Jingkelong made revenues of CNY5.2 billion, a year-on-year increase of 27.8%. Of these, the retail sales of hypermarkets increased from CNY494 million in the same period of 2007 to CNY869 million, a year-on-year increase of 76%, while the retail sales of comprehensive supermarkets were CNY1.58 billion, accounting for 30.33% of the company's total revenue.

In addition, the company's gross profits were CNY707.8 million in the first three quarters, a year-on-year increase of 36.8%. Of which, the wholesale business contributed CNY274.9 million, accounting for 38.83% of the company's total gross profits.

At the same time, compared with the same period last year, the company's gross profit rate increased by about 0.9% to 13.6% in the first three quarters of 2008. Of which, the gross profit rate of hypermarkets, comprehensive supermarkets, and convenience stores was between 15% and 16.6%, while that of wholesale business was 10.9%.

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