Business

GOME says to open up to 260 stores in China in 2012

GOME’s chairman Zhang Dazhong attends a news conference announcing the company’s results in Hong Kong on March 27,2012. — Reuters picGOME’s chairman Zhang Dazhong attends a news conference announcing the company’s results in Hong Kong on March 27,2012. — Reuters picHONG KONG, March 27 — GOME Electrical Appliances Holdings Ltd, one of China’s largest electronics appliance distributors, said today it aims to open up to 260 stores this year, with half of them in second- and third-tier cities.

Chief Financial Officer Victor Fang was speaking after the company reported its earnings results.

GOME, which is nearly 10 per cent owned by private equity firm Bain Capital, earlier today posted a 6.2 per cent fall in 2011 profit to 1.84 billion yuan (RM893.37 million), lagging analyst forecasts of 2.42 billion yuan.

Shares of GOME rose nearly 3 per cent today ahead of its earnings report, beating a 1.8 per cent gain in the benchmark Hang Seng Index. — Reuters

 

 

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