Chinese appliance retailer Suning lost 433 million yuan ($70 million) during the first quarter to March.

Sales at its bricks and mortar stores and e-commerce portal declined 16 per cent to $3.7 billion and 27 per cent to $5.3 billion, respectively.

While it opened 12 new stores during the quarter, it shut down 32, taking its count to 1064.

The company blamed the profit loss on China’s slowing economy and tougher competition from the likes of Dangdang and JD.com.