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eCommerce erodes Sun Art Retail profits

Hypermarket group Sun Art Retail Group has posted a 1 per cent gain in net profit for its first nine months in the face of growing competition from eCommerce platforms.
A JV between Taiwanese conglomerate Ruentex Group and French retailer Groupe Auchan, had a net profit of 2.03 billion yuan (US$299 million) for January-September, up from 2.01 billion yuan a year earlier.
For the latest quarter, net profit rose 11.1 per cent to 599 million yuan, according to Reuters.
Sun Art, which competes with China Resources and Wal-Mart China, saw its turnover rise 4.4 per cent for the nine months to 77.32 billion yuan.
Planning to scale back store openings this year, Sun Art Retail aims to invest 1 billion yuan in eCommerce development over the next two years.

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