By CHENG Lu
Suning.com reported a third-quarter revenue of 14.6 billion yuan (US$2 billion), a 20.2 percent year-on-year decrease.
Suning’s core home-appliance business made a profit, but a 6.3 percent year-on-year decline in related operating revenue. Retail sales in household appliances grew only 1.7 percent in the first three quarters. Suning’s core home appliance 3C business revenue increased by 5.6 percent year-on-year during the same period. Suning continued to expand opening 1,600 new stores in the first three quarters.
Regarding the loss in this quarter, Suning Carrefour’s disastrous decline and one-time compensation payments related to store closures.
In the first three quarters, Suning achieved operating revenue of 49 billion yuan, with a net loss of 2.6 billion yuan, a 42.6 percent reduction in loss compared to the previous year.
Operating losses for the first three quarters were 674 million yuan with a net cash flow of 2.6 billion yuan in the first three quarters.
