Suning's Sales Volume Tops $27.84 Billion for the First Half of 2020

July 31, 2020 11:58 pm

BEIJING (PingWest) — China’s leading retailer owned by Suning Holdings Group, announced its mid-year performance preview report for the first half of 2020. The report said that the Nanjing-based retailer’s sales volume reached RMB194.155 billion ($27.84 billion) for the first half of 2020, up 5.40% year-on-year. Online sales volume skyrocketed 20.19% year-on-year and accounts for 69.43% of the total business.

In the first half of 2020, Chinese domestic economy encountered significant challenges as a result of the COVID-19 pandemic. During the hard time, leveraged both its online and offline capabilities, changed its business strategy and focused on improving business quality and efficiency — all whilst improving its profitability. The quick response helped achieve a marked improvement in its operating income, which grew 76.74% year-on-year to RMB118.24 billion ($16.95 billion).

As a leading retail company, faced tremendous pressure in the wake of the pandemic. However, quarantine drove a surge in online sales, with data showing that online sales in China increased by 7.3% year-on-year. recorded a 20.19% increase in online sales year-on-year, and in Q2 alone, online sales saw the highest surge in six quarters with a year-on-year increase of 27.11%.