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Beijing hypermarkets report poor first-half results, rise in costs blamed

(Global Times)

08:24, August 28, 2012

Several hypermarkets in Beijing revealed disappointing first-half results over the weekend, Beijing Business News reported Monday.

Wumart reported net profit of 338 million yuan ($53.16 million) for the first half, up just 0.5 percent year-on-year, and well below the growth of 20.1 percent in the same period last year. The net profit of Yonghui superstores declined 28.57 percent year-on-year to 193 million yuan, and Lotus suffered a loss of 79 million yuan.

Retail experts said hypermarkets should consider focusing on specific areas such as groceries.

Li Sheng, vice director of a committee of experts with the China General Chamber of Commerce, said hypermarkets' profit margins have declined, partly as a result of rising costs.

A joint report released on August 16 by Deloitte & Touche and China Chain Store & Franchise Association said that grocery stores with an area of below 3,000 square meters saw an increase both in revenue and customer numbers in the first half of the year, but hypermarkets with an area of between 3,000 and 5,999 square meters saw a drop in revenue and customers.

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