Business Intelligence on Retailing, Franchising, and Consumerism in China

Wangfujing Department Store Revenue Up 23% During H1 2011

Beijing Wangfujing Department Store (Group) Company Ltd has published its semi-annual financial report for the first half of 2011, stating that its revenue increased by 23.98%.

According to the company, its total operating revenue during the reporting period reached CNY8.356 billion, of which revenue from main businesses was CNY8.114 billion, a year-on-year increase of 23.93%. At the same time, its operating profit increased by 31.54% year-on-year to CNY490.732 million; its total profit increased by 31.54% year-on-year to CNY492.083 million; and its net profit attributable to shareholders increased by 29.71% year-on-year to CNY315.908 million.

During the reporting period, the main adjustments and renovations of its Beijing Shuang'an Department Store had been implemented. By June 30, 2011, the first phase adjustment had been completed and gained good results. The company also decided its adjustment plans for Wangfujing stores in Wuhan, Chongqing, and Changsha. By the date the report was released, the second phase adjustments and renovations of Shuang'an Department Store had been proceeding smoothly and the related work is expected to be fully completed by the end of this year.

In addition, Wangfujing Steadily promoted the preparation and opening of new stores during the first six months of 2011. The company said its new store in Ordos is expected to start trial operation in the third quarter; its shopping center in Chengdu will be open at the end of the year; and the investment activities for its new store in Fuzhou have been launched.

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