China's Sun Art Retail Group has recorded a 4.3% increase in gross profit for the first six months of the year, growing to RMB 12,582.
The company's revenue grew 2.1%, to RMB 54,080, for the period ending 30 June 2017, with diluted earnings per share growing from RMB 0.15 to RMB 0.18, compared to the same period last year.
"We are glad to have achieved growth on all fronts," said Ludovic Holinier, CEO and executive director of Sun Art Retail and chairman of Auchan China. "Revenue increase was derived from store expansion in the first half of 2016 and the growth of rental income."
Continued Expansion
The group currently operates a total of 446 hypermarkets across China, but it has a further 71 sites under construction. In the first half of the year, the group opened two new complexes under the RT-mart banner.
In the second half of the year, a new HI!Auchan premium supermarket will open in Shanghai, and the group will continue to expand its unmanned convenience-store concept.
In June, the company launched a one-hour delivery service, Ju Su Da, on its e-commerce platform, Feiniu, with nearly 400 stores now offering delivery to customers.
“Moving forward, the group will focus on strengthening its core competitiveness – a product range with recognised quality at affordable prices, and teams dedicated to providing a high level of service," added Holinier.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
