Suning has released its report for the first half in 2008, which says the company achieved total revenues of CNY25.9 billion in the first six months and its net profits increased by 70.36% to CNY1.1 billion.
In the first half of 2008, Suning opened its first stores in 13 prefecture-level cities and opened 102 stores in total, making the total number of Suning stores around China 726. Of these, 111 are in North China and the sales of North China stores that were opened before 2007 increased by 57%, making this area the fastest growing market for Suning. Suning plan to open 200 new stores in the 2008.
Driven by the 2008 Beijing Olympic Games, the sales of appliances have been growing rapidly since June 2008. As the Mid-Autumn Festival and the National Day holidays drawing nearer, it is expected that sales will continue to increase in the second half of 2008.
Suning said that while promoting the development of its chain network in the second half of 2008, the company will enhance its control over sales outlets and its sales in the first nine month are expected to increase by 60% to 90% compared with the same period last year.