Expansion lifts Sun Art profit
Chinese hypermarket operator Sun Art is bucking the slowdown in China’s FMCG sector.
Sun Art Retail has reported net profit during the first half rose 8.5 per cent to 1.7 billion yuan ($276.2 million) on turnover growth of 7.9 per cent to 48.04 billion yuan.
During the period it opened one Auchan and three RT-Mart hypermarkets and intends to continue expanding having secured 162 new sites.
Besides bricks and mortar stores, Sun Art also sells through its e-commerce platform feiniu.com, which now has 750,000 registered members despite launching just last January.
“Both RT-Mart and Auchan banners will continue to open stores in more regions in China, either as leased or property projects; we will also make necessary investment in IT systems and marketing to enhance the very positive trends we start to see in our online business,” said Bruno Robert Mercier, CEO and executive director.