Wangfujing Group released its annual report of 2010 on March 25, showing that the company gained around 13.9 billion RMB of operating revenue and around 650 million RMB of operating profit, both registering a same-time increase of over 25%. It also said that Wangfujing will start its shopping center business this year after its expansion into community stores and other sectors last year.
The report revealed that the growth rate of Wangfujing s sales revenue almost tripled that of 2009, which stood at 8.69%. Among its 22 department stores in China, those in the northwestern regions (including Qinghai, Xinjiang and Gansu provinces) have achieved a sales increase of 1.17 billion RMB, the highest in the group, followed by the North China market (including Beijing), which earned 6.
1 billion RMB of operating revenue. In the southwest which performed quite well in 2009, the sales increase of its Sichuan division was just 25.09%, which was lower than the average rate of all Wangfujing stores.
Wangfujing s great improvement in its performance was inextricably linked to its huge investment last year. The retailer said that it had invested around 330 million RMB, nearly 9 times the amount of the previous year, which was about 33.91 million RMB.
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