Massive Suning profit increase reported
Chinese O2O retailer Suning has posted RMB172.97 billion (US$24.79 billion) in operating revenue in its third quarter performance report.
The result shows a 31.15 per cent year-on-year increase on the reported figure during the first three quarters this year. The company also generated a net profit of RMB6.127 billion ($878 million), an increase of 812.11 per cent over the same period last year.
The company credits the result to the strength of Suning’s fast-growing online sales comparative to other e-commerce platforms.
Suning currently has more than 382 million registered users. It operates 6292 direct-sale physical stores and 1453 Suning retail cloud franchise stores.
Suning says it will provide free delivery in the days approaching the holiday the 11.11 Singles Day shopping spree and will not raise its delivery fees on the day.