All China articles – Page 29
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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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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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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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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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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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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.
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News
Jysk ramps up expansion plans for China
Danish furniture giant Jysk has ramped up its expansion plans for China, with plans for up to 10 stores next year – an increase on the four it had initially slated.The move will see it take on Ikea in the country, which aims to have nine stores in China by ...
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Overseas retailers advised to focus on regional expansion in China
Overseas retailers wanting to enter the booming Chinese retail market should focus on regional expansion and not attempt a national launch, delegates were told at the World Retail Congress on Thursday.
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Wal-Mart payroll deal revised in China
Wal-Mart’s plans to reduce staff costs in China have stalled after trade union action.The Shenzhen Federation of Trade Unions has spoken to Wal-Mart, which has agreed to revise its plans to implement a payroll cut across 2,000 mid-level managers, who were being offered lower positions with less pay.The US giant ...
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Internet shopping soars in China
Online sales are soaring as shoppers in China turn to the internet as the recession deepens.According to Analysis International, e-commerce sales across the country rocketed 173 per cent year on year to Yn3.5bn (£350.1m) in the first quarter of 2009. Sales rose 24.1 per cent on the previous quarter as ...
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NewsWal-Mart plan to cut costs in China raises concerns
Wal-Mart sent a disappointing signal to the Chinese retail market last week when it revealed it was launching a job optimisation programme to reduce staff costs in the country.
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Japanese convenience stores expand in China
Aeon is to open its first convenience stores in China, while Seven-Eleven Japan is set to expand its chains there further.
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Ian Cheshire pledges B&Q China turnaround after sales slump
B&Q owner Kingfisher will “reinvent” its store model in China as it prepares to slash shop space in the country by 40 per cent.The home improvement group’s B&Q China arm, which made losses of £52m and experienced a 24 per cent decline in sales in the year to January 31, ...