Chinese O2O retailer Suning says sales from its online platforms and physical stores rose by 24.27 percent in the third quarter, reaching RMB 171.43 billion (US$24.4 billion).
The company closed the quarter with 470 million registered members and the number of active monthly users rose by 48 percent. Suning now hosts 8407 self-operated and franchised stores.
Net income attributed to shareholders was RMB 11.9 billion ($1.7 billion)
The company expects to receive a significant boost from the acquisition of an 80-per-cent share in the Carrefour China operations in late September, adding to the previously acquired Wanda department store network. It describes the move as part of a mission to create a multi-platform retail business for China, spanning third-party marketplaces, its own physical stores and its own online offer.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.
“The introduction of Carrefour’s supply-chain capabilities will effectively leverage the advantages of large-scale procurement, and help establish an efficient warehouse allocation system to promote the rapid development of Suning’s FMCG categories,” the company said in a statement.
In the prior three quarters, Suning increased investment in logistics, technology and in building out other core capacities to lay a solid foundation for growth over the next decade.