Chinese supermarket and convenience store retailer Wumart Stores has published its annual financial report for 2008 and states that its net profit increased by 63% to CNY490 million in 2008.
According to the report, Wumart realized revenues of CNY9.749 billion in 2008, an increase of 24% compared with the same period of 2007 and its overall gross profit was CNY1.76 billion, up 37.2% year-on-year. In addition, although the prices of food has decreased markedly in the last year, the sales of Wumart's individual stores still increased by 8.1%.
At the same time, Wumart said its costs increased from CNY6.58 billion in 2007 to CNY7.997 billion in 2008.
By the end of 2008, Wumart had 434 retail sites under its management, comprising 104 supermarkets and 330 convenience stores, which are run by joint management, co-management, or direct management.
Wumart said it will continue to expand its retail network in 2009 and will improve the distribution capacity of the company.