CP Lotus Archives - Inside Retail Asia
Hong Kong-listed Chinese supermarket operator CP Lotus Corporation has posted a loss of US$43 million as it rolls out new stores.
Thailand’s CP Group has agreed to buy five of the six remaining E-Mart China stores, ending a 20-year presence for the Korean firm.
E-Mart China is negotiating the sale of its five stores with Charoen Pokphand Group of Thailand.
CP Lotus Corporation is expecting to turn around a US$9.2 million loss to record a half-year profit.
From a RMB 32.9 million profit, CP Lotus Corporation expects a loss of RMB 63.9 million for its latest six months.
Mainland retailer CP Lotus says it has turned the corner on its operational profit after axing loss making stores.
Tougher competition and rising costs have dented the profit of Chinese retailer Wumart. The supermarket operator said 2013 net profit dropped 23.7 per cent to 459 million yuan, its first fall since 2008. The company attributed the decline on the extended initial incubation period for new stores, losses on one-off disposal of assets resulting from store closures, the pace of rising staff costs exceeding sales growth and rising rental expenses. The Beijing-based company shuttered 52 store…
CP Group has scrapped plans to sell its 36 CP Lotus supermarket stores in China to Wumart. In October, the Thai company reached a deal with Wumart to sell its stores in Beijing, Shanghai and most provinces in China, excluding South China’s Guangdong Province and Central China’s Hunan Province, for HK$2.3 billion (US$302 million). The two also discussed a share swap in which Wumart would buy 10 per cent of CP Lotus for HK$548 million (US$70.7 million) and CP Lotus would buy 14 per cent …
Chinese supermarket operator Wumart has agreed to buy 36 CP Lotus stores in China. Thai company CP Lotus, a unit of Charoen Pokphand Group, is selling its stores in Beijing, Shanghai and most provinces in China, excluding South China’s Guangdong Province and Central China’s Hunan Province, for HK$2.3 billion (US$302 million). The deal is part of a share swap that involves Wumart buying 10 per cent of CP Lotus’ shareholdings for HK$548 million (US$70.7 million) and CP Lotus acquiring 14 per…
Hong Kong retailer to open more stores in Beijing.