19 August 2019

Rising costs put squeeze on Wumart, paper says

Wumart Stores Inc, one of China’s largest supermarket chains, has defied the retailing boom to report its first decline in full-year net profit in more than six years, China Daily reported Friday. Wumart’s sales rose 9 percent to 18.9 billion yuan (US$3.1 billion) in 2013 but net retail profit fell 23.7 percent to 459 million yuan, the first slide since 2008, the report said. The company attributed the decline to consolidation and restructuring of the store network in the past year, driven by rising rents and operating costs, it said.

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