Business Intelligence on Retailing, Franchising, and Consumerism in China

Gome Net Profit Down 49.57% In H1 2009

Chinese home appliance retailer Gome has published its financial report for the first half of 2009 and states that its net profit decreased by 49.57% year-on-year to CNY580 million.

Meanwhile, Gome made revenues of CNY20.463 billion, a year-on-year decrease of 17.73% and a decrease of 2.63% compared with the second half of 2008. However, the company's net profit increased by 66.67% compared with the second half of 2008. In addition, due to the effective product mix management and standardized supplier contracts, its gross profit margin increased from 9.55% in the same period of 2008 to 9.81%.

According to the report, Gome closed 110 underperforming stores and opened 30 new stores in the first six months of 2009, maintaining its network coverage in 205 cities.

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