Chinese grocery retailer Wumart Stores has reported a 55% rise in first-half net profit, boosted by its aggressive expansion strategy.
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Wumart posted a net profit of 48.9m yuan (US$5.9m) for the first six months of the year, while sales rose 66% to 1.23bn yuan.
“The company devoted additional resources to gear up the expansion of its retail network through mergers and acquisition,” the company was quoted by Reuters as saying.
Wumart increased its chain of hypermarkets, supermarkets, convenience stores and drug stores by 40 outlets in the second quarter to a total of 429 at the end of June.
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By GlobalData
