Business Intelligence on Retailing, Franchising, and Consumerism in China

China's Gome Net Profit Up 3.42% In Q1 2010

Chinese electronics and home appliances retailer Gome has published its unaudited financial report for the first quarter of 2010, stating that its operating revenue increased by 20.21% year-on-year to CNY11.782 billion; its operating profit increased by 65.7% to CNY532 million; and its net profit increased by 3.42% to CNY333 million.

Gome said that the good performance during the first three months of 2010 is because of its new strategy that focuses on the network optimization and improvement of profit capacity of individual retail stores. During the first quarter of 2010, Gome opened 15 new stores, closed 13 stores, and renovated 13 stores.

Chen Xiao, chairman of Gome, said that they are very satisfied with the company's performance in the first quarter of 2010. Gome will stick to its new strategy and with the help of advantageous polices and increase of consumer demand, the company will expand its network while improving the profit capacity of its stores. In first-tier markets, Gome will accelerate the optimization of its consumer-oriented network; meanwhile, it will extend network distribution in second- and third-tier markets.

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