Suning Reports 31.15% Rise In Operating Revenue In First Three Quarters As Retail Business Thrives

Event Calendar Press Releases Thursday November 1, 2018 17:14
NANJING, China--1 Nov--PRNewswire/InfoQuest

Suning.com (002024.SZ) ("the Company"), the Fortune Global 500 company and China's largest online-to-offline (O2O) smart retailer owned by Suning Holdings Group ("Suning" or "the Group"), has released its third quarter 2018 performance report, showing that the Company has generated operating revenue totaling RMB 172.97 billion (US$24.79 billion), up 31.15% year-on-year, during the first three quarters. The report demonstrates that the Company has continued to thrive as it quickens the pace of implementation of its O2O smart retail strategy.

In the first nine months of 2018, Suning.com generated a net profit of RMB 6.127 billion (US$878 million), a year-on-year increase of 812.11%. The value of commodity sales reached RMB 234.883 billion (US$33.675 billion), up 41.91% year-on-year.

Suning.com has seen a surging speed of growth in online sales that has surpassed other online e-commerce platforms. From January to September 2018, the value of goods sold by the Company online reached RMB 137.954 billion (US$19.77 billion), tax included, marking a 70.89% year-on-year increase. As of September 30, 2018, Suning.com had about 382 million registered users. During its massive promotion period in August, Suning.com's mobile app saw a 62.29% year-on-year increase in the number of monthly active users, and purchases made via the app accounted for 93.5% of total online orders.

The Group also has a strong offline strategy, driven by its O2O businesses, that continues to expand its business in lower-tier cities and rural areas. Suning.com now owns a total of 6,292 direct-sale physical stores and 1,453 Suning retail cloud franchise stores, as of September 30, 2018.

During the first three quarters of 2018, Suning has also made efforts to strengthen its Logistics and Financial Services divisions to enhance user experience and upgrade quality of service. As of the end of September, Suning Logistics and Tian Tian Express owned a total of 7.99 million square meters of warehouses and storage facilities with over 25,894 distribution locations. Suning Logistics' revenue (excluding Tian Tian Express) saw a 73.17% year-on-year growth.

As the Single's Day shopping festival approaches in November, many logistics service providers have raised delivery fees. Suning Logistics, however, has promised to not raise fees during the shopping spree, and will provide free delivery service from November 1 - 11.

Suning Financial Services (payment business, supply chain finance, among others), on the other hand, saw a 43.63% year-on-year increase in the transaction volume of supply chain finance services. During the Single's Day shopping festival, Suning will offer a total of one million quotes that consumers can pay via 12 monthly, interest-free installments.

About Suning

Founded in 1990, Suning is one of the leading commercial enterprises in China with two public companies in China and Japan. In 2018, Suning Holdings ranked second among the top 500 non-state-owned enterprises in China with annual revenue of US$80.85 billion (RMB 557.9 billion). With a mission to "Lead the Ecosystem across Industries by Creating Elite Quality of Life for All," Suning has strengthened and expanded its core business through eight vertical industries: Suning.com, Logistics, Financial Services, Technology, Real Estate, Sports, Media & Entertainment, and Investment, among which Suning.com is listed on the 2017 and 2018 list of Fortune Global 500 Companies.

For more information, visit www.suningholdings.com.
Photo - https://photos.prnasia.com/prnh/20181101/2286625-1
Caption: 2018 Suning Single's Day Shopping Carnival

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