Retail Rout: China’s Biggest Appliance Retailer Suning Says 1st-Qtr Profit Down 48%

Suning Commerce Group, China’s biggest appliance retailer, said yesterday its net profit dropped by 48.2% to 492.8 million yuan, or $79 million, in the first three month of 2013 from a year earlier as it moved to integrate its traditional business and e-commerce businesses and expand its offerings.

Suning’s sales in the first three months of the year totaled 27.2 billion yuan, an increase of 20% from last year. It predicted net profit in the first six months of the year would fall as much as 60% from a year earlier.

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