SUNING Appliance Co, the country's second-biggest home-appliance chain, expects first-half net profit to grow 70 to 100 percent from the 257 million yuan (US$33.36 million) of a year earlier as it opened more stores, it said in a statement posted on the Shenzhen Stock Exchange on Saturday. The Nanjing-based retailer, however, didn't give a detailed forecast.

Net income more than tripled to 126.3 million yuan in the first quarter and sales surged 69.69 percent to 8.5 billion yuan. Suning opened 29 new outlets nationwide through March, raising its store numbers to 375 in China. Retailers in China are opening stores to fend off competition from rivals. Suning last week said it plans to raise 2.4 billion yuan from a share placement to finance its proposal to open 250 more stores.

Source:佚名