China’s largest hypermarket operator Sun Art Retail Group has booked an increase in full-year profits on the back of higher sales and the expansion of its store network.
For the 12 months to the end of December, net profit climbed 21.4% to CNY2.04bn (US$323.3m). Operating profit amounted to CNY2.9bn, a 17.5% increase on the prior-year.
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The retailer, which is part-owned by French retailer Auchan, booked a 21.2% increase in sales to CNY68.08bn. The increase was due to an 8.8% rise in comparable-store sales of 8.8% and new store openings during the year.
In 2011, the group opened 46 hypermarket complexes, of which 42 were added to the RT-Mart chain and four to the Auchan banner.
“In 2012, while proactively expanding quality stores as planned, the group will also follow closely with the development trend of the urbanisation in China, identify new sites for new hypermarkets with strict site selection criteria and penetrate further into the various tiers of cities,” the company said.
“By doing so, the group expects to constantly widen the gap with competitors to maintain its leading market position.”
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By GlobalData
