Shares In China Electronics Retail Titan Suning Tumble As Profit Disappoints
Shares in Suning Appliance, China’s biggest electronics appliance chain, dropped by 5.3% after it said today net profit in the first three months of the year declined by 15% to $151 million amid rising costs. Operating profit fell by 21% from a year earlier, Suning said. Revenue in first three months grew by 10% to 22.6 billion yuan, or $3.6 billion.
Suning’s report is just the last in a slew of mixed news from a Chinese industry that global retailers have been looking to for growth and profit amid slow growth in the U.S. and Europe.