Gome Electrical Appliances, China’s second-largest consumer electronics retailer by sales, reported a 6 per cent fall in full-year net profits to Rmb1.84bn ($291m), despite a 17.5 per cent rise in sales to Rmb59.8bn.
The group’s margins were squeezed by higher rent, the implementation of a new computer system and the cost of expanding its ecommerce platform.
The company, founded by jailed billionaire Huang Guangyu, last year shifted its focus on to store expansion after ousting chairman Chen Xiao, who wanted to concentrate more on store profitability.
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