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November 15, 2013

CHINA: Sun Art Retail grows turnover, profits

Sun Art Retail Group has booked an increase in turnover and profits during the first nine months of the year.

Sun Art Retail Group has booked an increase in turnover and profits during the first nine months of the year.

The Chinese hypermarket operator said sales rose to CNY65.69bn (US$10.78bn) in the nine months to 30 September, up from 11.7% on the comparable period of last year.

In its unaudited interim results, published yesterday (14 November), Sun Art revealed profit growth outpaced sales gains. Operating profit rose 25.4% to CNY3.17bn and net profit gained 27% to CNY2.31bn.

Sun Art Retail has pursued a strategy to expand via store openings and the company is set to launch an online delivery business in the fourth quarter of this year. It was also touted as a suitor for the ParknShop supermarket chain, which was taken off the block by owner Hutchison Whampoa last month.

At the same time as driving expansion, Sun Art Retail has focused on cost management and is driving operational and staff efficiencies.

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