Chinese supermarket operator Wumart Stores has posted a 41.3% increase in profits on the back of rising revenues.
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Reporting its results for 2007, Wumart said net profit increased to CNY300m (US$42.77m) on the back of a 38.2% rise in revenue. Same store sales rose 10.2%.
The company, which operates 447 outlets on mainland China, said its profit margin remained unchanged from 2006 at 3.8%.
Wumart said that throughout 2007 the group followed a strategy of regional development, focusing in particular on Beijing.
Looking to the coming year, Wumart signaled its intention to improve its infrastructure in order to control costs and improve margins.
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By GlobalData“The group will execute and focus on issues in respect of operational standards, development of merchandise, IT application, training of talents and logistics infrastructure,” the company said.
Wumart said 2008 was a year that would bring challenges and opportunities in the shape of the Beijing Olympics.
“The Beijing Olympics… means challenge and competition,” the company said. “It is a year striving to win the competition with the spirit of being ‘faster, higher and stronger’.”
