Chinese retailer Lianhua Supermarket Holdings has seen half-year profits rise on the back of higher sales.
The Hong Kong-listed firm, which runs over 5,230 stores in China, recorded a net profit of CNY392m (US$61.4m) for the six months to the end of June, up 20% from the same period last year. Operating profit jumped 22.4% to reach CNY490.1m for the first half of the year.
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Lianhua said this “remarkable performance” was mainly due to “continuous improvement in operation, enhancement in consolidation and efficiency, and centralised management of funds.”
The group’s turnover reached CNY14bn, up 7.8%. Lianhua opened 206 stores during the first half of the year but said same-store sales increased by 8.6% year-on-year.
Same-store sales at Lianhua’s hypermarket business grew by 9.6% and at its supermarkets were up 7.2%. The retailer’s convenience stores saw same-store sales increase 5.7%.
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By GlobalData
