Despite a booming retail market, Wumart Stores Inc, one of China’s largest supermarket chains, on Thursday reported its first decline in full-year net profit in more than six years. Wumart achieved sales of 18.9 billion yuan ($3.1 billion) in 2013, up 9 per cent but net retail profit fell 23.7 per cent to 459 million yuan [US$74.6 million], the first slide since 2008. The company attributed the decline to consolidation and restructuring of the store network in the past year, driven by rising rents and operating costs…Full Article: China Daily Mar 2014

Key point

  • In December 2013, Wumart had 547 stores (e.g. 155 superstores and 392 minimarts), an increase from 529 stores in 2012

ChinaAg Comment

  • Founded in 1994 and headquartered in Beijing, Wumart is one of China’s leading retail chains. Their outlets are primarily located in the northern provinces of Beijing, Zhejiang, Tianjin and Hebei.

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