02 May 2012 —
Suning Profit Falls 15.1% in Q1 2012
Suning Appliance’s net income for Q1 2012 dropped 15.1% to RMB 951 million. Sales rose 10% to RMB 22.64 billion.
- Comparable sales fell 7.2%
- The cancellation of several government stimulus policies encouraging the purchase of home appliances negatively impacted sales
- Suning opened 26 new stores during the quarter and closed 35. Management announced it may shut another 50 stores during the second quarter.