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KEY STAT | Carrefour China owner Suning opens 871 new stores in Q3

Written by Julianna Wu Published on     1 min read

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Retailer Suning is expanding quickly in China’s lower-tier cities.

In the past quarter, China’s retail giant Suning.com (002024.SZ) opened 871 new stores in the country, as the company keeps on venturing into China’s lower-tier cities, according to a press release published on Wednesday.

A series of promotional activities in August have helped boost the retailer’s Q3 sales volume by 108% year-on-year, while total sales volume from January to September is 6.5% higher than in the same period of 2019.

Suning.com, which acquired an 80% stake in Carrefour China in September 2019, expects to earn a quarterly net profit of RMB 670 million to RMB 920 million (USD 99.7 million to USD 136.9 million).

Read this: Carrefour China owner Suning reports 17% drop in 2019 net profits

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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