in 1990, Suning is one of the leading commercial enterprises in China
with 180,000 employees and two listed companies in China and Japan.
Through decades of growth and transformation, Suning has established a
business presence in six industries. In 2017, Suning was ranked second
on the list of China's top 500 non-state owned enterprises, and for the
first time in corporate history, Suning Commerce, under Suning Holdings
Group was named to the 2017 list of Fortune Global 500.
Suning's Net Profit Surges 321.23% In First 3 Quarters As It Strengthens Integration of Online & Offline Presence
Suning shows its ambition of the O2O retail mode to the upcoming
shopping festival Suning shows its ambition of the O2O retail mode to
the upcoming shopping festival
NANJING, Nov. 2, 2017 /PRNewswire/ -- Suning Commerce Group ("Suning
Commerce"), a Fortune Global 500 company owned by China's commercial
giant Suning Holdings Group ("Suning" or "the Group"), has reported a
sky-rocketing year-on-year increase of 321.23% in net profit through
the first three quarters this year, according to its just-released
financial report. Together with other appealing results, the report
demonstrates that the Group's innovative online-to-offline ("O2O")
retail strategy has been a great success.
According to the report, Suning.com, the bellwether of Suning's
e-commerce business, generated an operating revenue of RMB131.88
billion(US$19.95 billion) for the first three quarters, up 26.98%
year-on-year. Net income attributable to shareholders from business
operation climbed to RMB672 million(US$100 million), up 321.23%
year-on-year. In Q3, the operating revenue rose 36.96% year-on-year.
The past three quarters saw the best performance of Suning's e-retail
business since it geared up for O2O from 2009. Suning Commerce's online
presence also reported a 65.54% rise in revenue year-on-year to
RMB66.23 billion (approximately US$10 billion, including tax),
contributing slightly more than half of total operating revenue.
"We're excited to see what we've achieved in the first three quarters.
The retail business in China has come to a turning point. It is seen
that O2O will be a trend in the next phase of the industry, and Suning
is committed to fully embrace this new trend with its leading
deployment of 'Smart Retail' with the expertise and technology
accumulation both online and offline," said Zhang Jindong, Chairman of
Suning Commerce Group and Suning Holdings Group.
Founded in 1990, Suning has opened over 3,700 physical stores both
around the country and overseas, delivering customized services to
various communities. With retail in its genes, Suning lunched its
e-commerce platform Suning.com in 2010, and now its expertise and
experience in online retail has been honed over the past eight years.
In 2012, Suning proposed the innovative business model which is similar
to "Walmart adds Amazon", strategically balancing its online and
offline businesses to improve synergy. Sun Weimin, Deputy Chairman of
Suning Commerce Group, noted that while brick-and-mortar retail is the
Suning's obvious strength, it has built a vibrant online presence with
advanced technologies. The O2O retail model brings one-stop seamless
shopping experience to consumers, while creates recognized value for
Suning and its shareholders.
The revenue and customer loyalty from the online business has been
increased significantly since its inception. "Suning's online and
offline businesses complement each other effectively. We are leveraging
Suning's advantage in supply chains, logistics, data and financial
services to create the best shopping experience," said Sun.
By 2018, Suning plans to add 5,000 physical stores that will be
connected to its online presence, while another three self-service
stores would be opened during China's largest annual shopping spree,
the "11/11 O2O Shopping Festival".
Click here to see Suning's financial tables (Chinese only):
About Suning Holdings Group
Founded in 1990, Suning is one of the leading commercial enterprises in
China with 180,000 employees and two listed companies in China and
Japan. Through decades of growth and transformation, Suning has
established a business presence in six industries. In 2017, Suning was
ranked second on the list of China's top 500 non-state owned
enterprises, and for the first time in corporate history, Suning
Commerce, under Suning Holdings Group was named to the 2017 list of
Fortune Global 500.
SOURCE Suning Holdings Group
CONTACT: Lyrin Lin, Brand Manager, Mobile: +86-186-5166-7227, Email: firstname.lastname@example.org