Chinese electronics and home appliances retailer Suning has released its performance report for the third quarter of 2011, stating that from January to September 2011, the company’s e-commerce business grew rapidly and realized sales of CNY4.079 billion.
According to the report, Suning’s total operating revenue in the first nine months of 2011 was CNY67.625 billion, a year-on-year increase of 24.54% and an increase of 52.89% compared with the first half of 2011. Its net profit was CNY3.422 billion, a year-on-year increase of 21.03%.
As the e-commerce business has become a new growth point for Suning, the company announced that its Internet retail platform has launched a new book sector, which currently provides 600,000 books to users in China. This service puts it in direct competition with Dangdang.com and Amazon China.