BOOMING BUSINESS - Suning.com saw $37B in operating income in 2018 (increase of 30.35%), jumped 94 places on 2019 Fortune Global 500 list
Business is booming for Suning.com. According to PR News Wire, for the third time since 2017, it made an apperance on the Fortune Global 500 list with an operating income of $37B, a massive 30.35% increase compared to previous year and that makes Suning.com one of the fastest growing companies on the list.
As a leading Chinese retail company, Suning.com started its online-to-offline transformation in 2009 and eventually became a pioneer, achieving equal online and offline retail growth. Suning.com's semi-annual report forecast of 2019 shows that it expects net profit of 2.1 billion yuan to 2.3 billion yuan(approximately 300 million to 330 million USD) in the first half of the year.
Suning acquired Wanda Department Store at the beginning of the year and announced the acquisition of 80% of stake of Carrefour China in June. This will greatly enhance the strength of the department store and fast-moving consumer goods(FMCG) categories of the company and further complete the full-scenarios and all-categories retail layout. Over the past 6/18 shopping festival, Suning.com's omni-channel orders increased by 133% year-on-year, and the volume of FMCG surged by 245% compared with last year. By the end of June, Suning.com owns nearly 15,000 self-operated and franchised stores, including nearly 6,000 Suning Xiaodian(neighborhood convenience store).
Suning put forward its Smart Retail Strategy in 2017, which revolves around Smart Sourcing, Smart Selling, Smart Services, Smart Logistics and Smart Types of Business. The past three years saw double growth in retail performance and value expectations of Suning, which confirms the forward-looking nature of its online and offline smart retail strategy. 2019 will be the stage in which the smart retail map is outlined and accelerated. With the access of department stores and fast-moving supply chain, Suning's retail capacity will be further strengthened.
Zhang Jindong, chairman of Suning Holdings Group said, "The future of retail must be the perfect integration of online and offline. Suning will continue to explore the smart retail strategy and move forward in the leading industry to better serve Chinese and global customers."
Source: PR News Wire