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August 12, 2009

CHINA: Wumart growth continues

Chinese retailer Wumart Stores has posted a 21% jump in half-year profits thanks to buoyant turnover and steady growth in comparable-store sales.

Chinese retailer Wumart Stores has posted a 21% jump in half-year profits thanks to buoyant turnover and steady growth in comparable-store sales.

Wumart, the leading retailer in Beijing, yesterday (11 August) posted net income of CNY233.2m (US$34.1m) for the six months to June, an increase of 21.2% on the year.

Turnover climbed 34.7% to CNY1.09bn with comparable-store sales up 3.5%.

Wumart said its comparable-store sales growth had come despite “sharp decreases in food prices”. The retailer said improvements to the image of its stores and quality of service had led to “substantial increases in the number of transactions”.

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