High Suning profit increase reported
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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.
Questions & Answers
Q.What was Suning's operating revenue for the first three quarters of this year?
What was Suning's operating revenue for the first three quarters of this year?
Suning reported RMB172.97 billion (US$24.79 billion) in operating revenue during the first three quarters this year. This figure represents a 31.15 per cent year-on-year increase for the company.
Q.What is the reason given for Suning's significant increase in net profit?
What is the reason given for Suning's significant increase in net profit?
The company attributes the substantial profit increase to the strong growth of its online sales. Suning's online performance is considered strong when compared to other e-commerce platforms currently operating in the market.
Q.How many retail stores does Suning currently operate?
How many retail stores does Suning currently operate?
Suning operates a total of 6292 direct-sale physical stores. Also, it has 1453 Suning retail cloud franchise stores, expanding its physical retail footprint across various locations.
Q.What plans does Suning have regarding delivery fees for the upcoming 11.11 Singles Day shopping event?
What plans does Suning have regarding delivery fees for the upcoming 11.11 Singles Day shopping event?
Suning has announced it will offer free delivery in the days leading up to the 11.11 Singles Day shopping spree. The company also confirmed that it will not increase its delivery fees on the day itself.
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