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Suning Reduces '09 Expansion Plan By 50 Stores
Home appliance and electronics retailer Suning (002024.SZ) President Sun Weimin said the company aims to reach around 1,150 stores in the next two years, although it has reduced its targeted new openings to just 150 stores, 21st Century Business Herald reported November 6. According to the report, the company's store opening plans had to be toned down due to weak sales of home appliances and electronic goods.
Suning planned in early 2009 to open 200 stores this year.
The company announced in early November that it generated RMB 704.82 million in net profit for the third quarter of this year, up 15.38% year-on-year and had a total of 885 stores by late September.
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