China's largest supermarket operator Lianhua Supermarket Holdings announced on 3 June that it recorded Yn141m (US$22.09m) in net profits for the first quarter, up 50 per cent year on year.
Lianhua last year merged with Beijing Hualian Hypermarket and saw annual sales from its over 5,000 stores climb to Yn67.1bn (US$9.82bn).
The company also said it would spend Yn600m (US$87.8m) opening 500 new stores this year to counteract the aggressive expansion of foreign companies like Wal-Mart and Carrefour.
The expansion project will involve 15 shopping centres, 200 convenience stores, and 285 supermarkets, mainly located in the Yangtze River Delta region, Trading Markets reported.
US firm Wal-Mart opened over 50 new stores in China last year, South Korean company Lotte took over Times Limited to gain a foothold in the country, and French giant Carrefour plans to buy Hebei-based supermarket chain BLC.
No comments yet