Wumart Stores, the Chinese retailer, has posted a jump in profits for the first half of the year as its sales in the country’s booming retail sector continued to thrive.
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The company, which has 352 stores, booked underlying net profit of CNY191.7m (US$27.9m), a jump of 36.7%, with revenue climbing 23.6% to CNY4.6bn.
The rise in revenue came on the back of robust comparable-store sales growth of 13.9%, driven in part by rising food prices in China.
Retail sales in China surged by over 21% during the first six months of 2008, according to government figures.
Inflation, however, remains a problem. The consumer price index went up by 7.9% during the first six months of the year, although it eased slightly in June, down 0.6% from May.
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By GlobalDataInflation is being driven by soaring producer prices and rising food prices. The price of food jumped 20.4% in China during the first half of this year, government figures showed.
