Consumer electronics retailer Gome Electrical Appliances Holding Ltd., reported a 22-percent increase in first-quarter profit. Gome posted a profit of 153.69 million yuan (approx. U.S. $19.2 million) for the 3-months period.
According to Reuters, the Beijing, China-based retailer said it aims to expand its share of China's electronic retail market to as much as 15 percent by 2008, and open another 120 to 150 stores in 2006. Gome operated 296 stores by the end of March 2006, up from 263 a year ago.
Same-store sales increased 0.68 percent during the quarter, but sales per square m declined 28 percent, as the company's expansion into second-tier cities brought about higher costs.
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