Chinese electronics retailer Suning has published its financial report for the first three quarters of 2009, stating its performance maintained a stable growth and the expansion of its new outlets was progressing smoothly.
The report shows that Suning made revenues of CNY41.574 billion during the first three quarters of 2009, an increase of 6.32% compared with the same period of 2008; its net profit increased by 15.06% year-on-year to CNY1.97 billion; and its earnings per share was CNY0.44. Of the total net profit, CNY705 million was made in the third quarter and this was a year-on-year increase of 15.38%.
In addition, Suning said that, boosted by the National Day holiday and the Mid-Autumn Festival, its sales in the fourth quarter will see an obvious increase and its net profit for the entire year of 2009 is expected to increase by between 25% and 40%.
In addition to its stable sales growth, Suning's expansion during the past three quarters also went smoothly. From January to September 2009, the company opened 73 new chain stores, of which 38 were opened in the third quarter. By the end of September 2009, Suning had opened 885 outlets in 193 cities in China, including 152 flagship stores, 274 central stores, and 459 community stores.