Chinese supermarket chain QKL Stores has halved its net loss – from $31 million in 2012 to $14.3 million in 2013.

Revenue decreased by 22.6 per cent to $282.8 million from $365.6 million, it says.

It closed three shops in 2013, taking its store count to 27 supermarkets, 14 hypermarkets and four department stores. This year’s plan include opening three new supermarkets or hypermarket stores.

“We maintain confidence in our strategy of strengthening our store presence in Tier 4 and 5 cities in northeastern China as well as in our core region of operation around Daqing where the majority of our older stores are based,” said chairman and CEO Zhuangyi Wang.

“We are comfortable with our opportunities in 2014 and believe we’ll see an improvement in operating expenses and profit growth in coming quarters,” he said.