More turnover, less profit for Aeon China

Aeon China inched up its turnover last year by just 1.8 per cent, but its net profit took a 64 per cent year-on-year dive to HK$258 million (US$33.247 million).
Releasing its figures for 2015, the Japanese retailer says Chinese turnover was HK$8.975 billion compared to 2014’s HK$8.816 billion.
Aeon Group has 30 stores in south China and 48 in Hong Kong, where its business revenue slipped 1.7 per cent to HK$3.82 billion (its mainland revenue grew by 4.6 per cent to HK$5.152 billion).
Stable growth by its stores in China helped with turnover, says the group, while the drop in net profit was because of higher running costs plus new store opening expenses.
Aeon opened a new store in the Panyu district of Guangzhou in February, and plans new stores in Guangzhou, Dongguan and Luohu this year.
To enhance sales, the group will promote products of its own Topvalu brand, as well as introducing other brands.

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