Articles by 郑婷婷 黄兴利

Gaoxin Retail 'Marking Time': Hypermarket Merchandise Sales Negative Growth, Fresh Food Business First to Profit

Hypermarket performance continues to decline, while fresh food online accelerates. On March 17, Gaoxin Retail (06808.HK) released its 2019 annual report. During the reporting period, Gaoxin Retail's total sales revenue was 101.868 billion yuan, a year-on-year increase of 0.5%; operating profit was 4.890 billion yuan, up 4.1% year-on-year; profit attributable to shareholders was 2.834 billion yuan, up 14.4% year-on-year. Although total revenue and net profit increased, and the fresh food e-commerce business achieved profitability, revenue from sales of goods in Gaoxin Retail's total revenue was 91.279 billion yuan, a year-on-year decrease of 4.5%, marking the second consecutive year of negative growth in this main revenue source.