Chinese supermarket chain Wumart has announced a sharp rise in sales and profit for the first quarter of 2005.
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The Group’s consolidated turnover rose to 981.8m yuan (US$119m) from 666.9m yuan for the corresponding period the pervious year. Net profit attributable to shareholders reached approximately 43.8m yuan, up from 28.5m yuan for the same period in 2004.
This was primarily attributable to the increase of sales triggered by the increase in the number of outlets, and also the growth of comparable store sales as well the increase of gross profit, the company said.
“We attained numerous accomplishments during this period,” said Dr. Zhang Wen-zhong, chairman and president. “We pursued our regional expansion by means of new stores development, collaborative arrangements with other third parties, mergers and acquisitions, entering into franchise agreements and management agreements mainly in Beijing, Tianjin and Hebei for rapid expansion.”
As at 31 March 2005, the group operates and manages a total of 9 hypermarkets, 46 supermarkets, 405 convenience stores and 8 chain drug stores which are either directly owned or operated and managed by the group and its associated companies through franchise agreements or various management agreements. As a result, the group increased in number of outlets from 389 the previous year to 468.
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