All China articles – Page 29
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News
Gome sales fall
Electronics retailer Gome has benefited from its recent store closure strategy.While sales for the year to December 31 fell 7% to Yn42.7bn (£4bn) - the result of closing down 189 underperforming stores - net profit jumped 34.4%.Gome revealed that the government’s stimulus policies helped to lift sales and operating ...
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News
H&M sales jump 7%
Clothing retailer H&M has reported results for the first quarter to February 28, with sales jumping 7% to Skr24.85bn (£2.1 bn), compared with the same period last year. In local currencies, the increase was 13%.H&M had 1,992 stores at the end of February, up from 1,748 a year ago. ...
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AnalysisCan Walmart overcome Chinese etail challenges?
Walmart plans to launch an ecommerce operation in the world’s most populous nation. With more than 380 million internet users - more than the entire US population - China represents a massive opportunity for the world’s largest retailer. However, growth will not come easy and Walmart must be able to ...
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News
Suning sales up to £5.46bn
Consumer electronics retailer Suning has reported that preliminary full-year net sales jumped 16.8% to Yn58.3bn (£5.46bn) against the previous year. Net profit hit Yn2.88bn (£269.9m), up 32.8% year on year. Comparable store performance improved 7%. Suning opened 182 stores in 22 cities over the year, and closed 53 stores.
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News
Deal between Suning and Citicall Retail Management
Suning, one of the leading electrical appliance retailers in China, has struck a deal to buy Hong Kong-based Citicall Retail Management for $4.5m (£2.76m), sources reported. Suning is due to complete its takeover of Citicall Retail Management by March. The Shenzhen-listed enterprise wants to extend its presence in Hong Kong ...
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News
Revenue at pharmacy operator Nepstar declines 9.3%
Revenue at pharmacy operator Nepstar declined 9.3% in the third quarter to Yn556m (£495m), while net income remained stable at Yn7m (£33m).Nepstar chief finance officer William Dai said: “Our ability to consistently generate strong free cash flow demonstrates that our financial health has strengthened throughout the economic recovery and paves ...
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AnalysisAS Watson: Gunning for the Chinese lion’s share
Global health and beauty giant AS Watson has big plans for China, with ambitions for as many as 5,000 stores there. Tim Danaher flew to Shanghai for a rare interview with managing director Dominic Lai, the man masterminding the Superdrug owner’s expansion.
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News
Media Markt signs joint venture contract with Foxconn Technology Group
Metro Group-owned consumer electronics retailer Media Markt has signed a joint venture contract with Taiwan-based electronics and computer parts manufacturer Foxconn Technology Group.It plans to opens its first store in Shanghai in mid-2010. Foxconn will hold 25% in the joint venture and Media Markt will have 75%. Initially, Media Markt ...
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OpinionBuild bridges with Chinese suppliers
Despite economic growth signalling the end of recession, UK retail sales have frequently been flat against the same periods last year, indicating that a proper recovery will take more time.
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News
RT Mart to launch flagship store in Beijing
Auchan subsidiary grocer RT Mart is to launch a flagship store in Beijing – its first in the city.The grocer, which is based in Taiwan, is fitting out the store at present and will be located in the city’s Chinatown Shopping Plaza.Auchan also recently announced plans to step up expansion ...
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NewsTesco joint venture to build malls in China
Tesco is to build three shopping malls in China after forming a property joint venture with local partners.
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News
Carrefour to expand in China
Despite ongoing speculation in the Chinese press that Carrefour is coming under shareholder pressure to exit China, it is to expand its presence in the Chengdu region with two new hypermarkets this year, and more in 2011.General manager of central and western China Arnaud Dupont said Chengdu had “huge market ...
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News
Fast Retailing profits up 14%
Fast Retailing has reported that net profit rose 14.4% to ¥49.8bn (£315m) for the financial year ended August 31. Sales rose 16.8% to ¥685.04bn (£4.3bn).The clothing store operator will seek to expand its Uniqlo stores in Asia from 76 to 132 over the next year. Fast Retailing, which aims to ...
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News
Lianhua records a 2.2% growth in turnover
China’s largest grocer, Lianhua, recorded a 2.2% growth in turnover to CNY10.98bn (£984.5m) in the first half of the year. However, the impact of the financial crisis and a slump in consumer goods prices meant that same-store sales fell 1.7%.Net profit was up 10% to CNY250m (£22.4m). The group continued ...
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News
Carrefour to invest in greener stores in China
Carrefour is to invest a further Yn50m to Yn60m (£4m to £5m) in greener stores after saving Yn100m (£9m) last year, compared with 2005 – when it first started the energy-saving investments in stores.Carrefour China said: “All of the 139 Carrefour stores in China are in the process of implementing ...
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NewsSports Direct reels as profits dive and China plans shrivel
Sports Direct has hit a major obstacle in its ambitious plans to expand in China, while, a tough year has led to a 91 per cent plunge in profits.
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News
Suning poised to buy stake in Laox
China’s second largest home appliance chain Suning is poised to buy a ¥800m (£5.4m)stake in struggling Japanese consumer electronics retailer Laox. Suning will acquire 66.7 million shares at ¥12 (8p) a share. The deal will give it a 27 per cent holding, making it Laox’s largest shareholder. A formal arrangement ...
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News
Shares at Gome rally
Shares at electricals retailer Gome have rallied after a seven-month suspension in trading when it revealed that US private equity firm Bain Capital will invest up to US$418m (£254.5m) in it.The deal gives Bain up to 23 per cent of shares, making it the second-largest shareholder, and will lend beleaguered ...
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News
Retailers scale back expansion plans in China
Retailers are scaling back or delaying expansion plans in China as investors express concern about over-expansion and demand falls among Chinese shoppers.Grocer China Resources is to cut back its openings to 200 rather than 300, and fashion retailer Giordano International has shut 14 stores in China in the first quarter ...
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NewsTesco builds Chinese mall
Tesco will open its first shopping centre in the northeastern Chinese city of Fushan later this year.
