Beijing’s largest supermarket chain Wumart posted a 20% increase in first-half profit as sales from new and existing stores boosted earnings.
Wumart posted CNY280.4m (US$41.3m) net income for the first half, ended 30 June, the company said in a Hong Kong Stock Exchange filing.
Sales grew to CNY6.03bn from CNY5.11bn in the same half of the previous year.
Wumart, which opened 69 new stores during the first six months of 2010, posted an 8.5% increase in comparable-store sales compared to the same period of 2009. The company attributed the growth to price increases as well as increased traffic and sales per customer through “category optimisation, improved store environment and better promotions”.
Net income for the second quarter also grew 20% to reach CNY124.1m. Sales increased from CNY2.34bn to CNY2.72bn.