Business Intelligence on Retailing, Franchising, and Consumerism in China

Beijing Wangfujing Department Store Revenue Up 9.09% In 2009

Beijing Wangfujing Department Store has published its annual financial report for 2009, stating that its operating revenue increased by 9.09% year-on-year to CNY11.099 billion.

Of the total revenue, that from its core businesses reached CNY10.802 billion, a year-on-year increase of 8.69%. Meanwhile, its profit reached CNY523.494 million, an increase of 2.62% compared with the same period of last year; and its net profit attributable to shareholders was CNY384.332 million, an increase of 11.71%.

During the year of 2009, Wangfujing opened four new outlets, including Beijing Wangfujing Mansion and stores in Taiyuan, Lanzhou, and Kunming. These four stores added over 200,000 square meters to the company's total operating area. In addition, the company signed new projects in Beijing, Chengdu, and Ordos.

At present, Beijing Wangfujing operates 19 department stores: four in Beijing; two each in Baotou and Chongqing; and one store in each of the following Guangzhou, Wuhan, Chengdu, Hohhot, Luoyang, Changsha, Xining, Urumqi, Taiyuan, Lanzhou, and Kunming.

For the year of 2010, Beijing Wangfujing said it plans to achieve an annual operating revenue growth of 10%. It will also open four to six new stores during the year.

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