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Suning Appliance posts 15.3% drop in net profit for Q1

Apr. 27, 2012 (China Knowledge) - Suning Appliance Co Ltd<002024>, one of the largest electrical appliance retailers in China, has said that its net profit fell 15.3% year on year to RMB 951 million in the first quarter.

The company's operating revenue grew 10% year on year to RMB 22.64 billion in the quarter. However, the same-store sales dropped 7.24% year on year, in part due to the exit of the government policy to subsidize the replacement of old home appliances by new ones.

The B2C business continued fast growth in the quarter, generating sales of RMB 1.92 billion.

Suning Appliance opened 26 new stores in the quarter, while replacing or shutting down 35 poor-performance stores.  At the end of March, the company had 1,675 chain stores across China.

In 2011, the company reaped RMB 4.82 billion in net profit attributable to shareholder, up 20% from the previous year.

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