Business Intelligence on Retailing, Franchising, and Consumerism in China

China's Gome Posts 34.45% Rise In Profits For 2009

Chinese home appliances and electronics retailer Gome Electrical Appliance Holdings Limited has published its annual financial report for 2009, stating that its net profit increased by 34.45% year-on-year CNY1.048 billion to CNY1.409 billion; but its revenue decreased by 7.02% to CNY42.667 billion.

In 2009, Gome reduced the number of its retail stores for strategic purposes. According to the report, the company decreased the number of its stores from 859 to 726 during the year. However, the company said the operating quality of its individual stores was improved and the sales of its individual stores increased by 2.81%.

Gome said the year of 2010 will see great consumer demands and the company plans to open about 80 new stores this year.

In addition, Gome revealed that it will start the formulation of its enterprise resource planning from May 2010 and its ERP system service will be provided by SAP.

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