Retailing, Franchising, and Consumerism Business Intelligence in China

Gome Net Profit Up 74.9% In First Three Quarters Of 2014

Chinese home appliances and electronics retailer Gome announced the unaudited performance report of its listed company for the first three quarters ended September 30, 2014, stating that its sales reached CNY44.645 billion, a year-on-year increase of 7.2%; and its net profit reached CNY1.018 billion, a surge of 74.9%.

According to the report, Gome achieved 4.7% individual store growth for stores in first- and second-tier cities, and 68 stores in those cities were upgraded into smart diversified stores; while in third- and fourth-tier cities, Gome's individual store growth was 12% and 58 stores were upgraded into smart diversified stores. Meanwhile, the company opened 154 new stores in supermarkets and department stores during the first three quarters of 2014. By the end of September 2014, Gome has 1,643 stores in total, including non-listed part.

For e-commerce, including its mobile app, Gome's total sales increased by 72.7% compared with the same period of last year. At the same time, the number of its unique visitors increased by 63.9% over last year. Its transactions completed via mobile devices accounted for 12.4% of total e-commerce transactions.

Wang Junzhou, president of Gome, said in the future Gome's four major platforms, including procurement, logistics, information system, and financial service, will all support the comprehensive development of the company in online, offline, mobile app, and other social channels.

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