Suning Appliance Co., China's largest home appliance retailer by market value, plans to open 426 new chain stores worldwide this year, said the company in its financial report for 2011.
Among the 426 new stores, eight will be located in Hong Kong and two in Japan. The household appliance giant will also expand into 39 prefecture-level cities on the Chinese mainland.
Net profits of the Nanjing-based company rose 20.16 percent year on year to reach 4.82 billion yuan ($766 million). It opened 373 new chain stores last year.
The retailer's revenue rose 24.35 percent from the previous year to 93.89 billion yuan ($14.9 billion) |