Beijing-based department store chain Parkson Retail Group has published its financial report for the first half of 2009.
According to the report, Parkson made total revenues of CNY6.104 billion in the first six months of 2009, a year-on-year increase of 17%; its operating profit was CNY678 million, a year-on-year increase of 14.1%; and its net profit increased by 12% from CNY412 million a year earlier to CNY462 million.
By business, revenue from the direct sales of products was CNY651 million, an increase of 8% compared with the same period of last year; commission revenue from sales at franchised outlets was CNY980 million, an increase of 13% over last year; and rent revenue was CNY77.9 million, an increase of 8.8% over last year.
Due to the steady recovery of China's economy, Parkson accelerated its expansion. Information from the report shows that Shuangquan Mansion, which was acquired by Parkson in January this year, will be open in the first quarter of 2010. In addition, its three new outlets located in Lanzhou, Changshu, and Shijiazhuang will be launched in the second half of 2009.
Parkson revealed that it plans to increase its retail area by about 15% each year by opening new stores and acquisition.