Suning Yigou's third quarter report: Core home appliance 3C business continues to make profits, with 825 new stores opened in the quarter

On October 28th, it was announced that Suning E-commerce released its performance report for the third quarter of 2023. The announcement shows that the company's core home appliance 3C business profit continues to improve, and the core home appliance 3C business operation achieved profitability in the third quarter

On October 28th, it was announced that Suning E-commerce released its performance report for the third quarter of 2023. The announcement shows that the company's core home appliance 3C business profit continues to improve, and the core home appliance 3C business operation achieved profitability in the third quarter. The company has further accelerated its opening of new stores, with 825 new home appliance 3C home life professional stores and retail cloud franchise stores opened in the third quarter. The company has entered a new stage of expansion and efficiency development.

In the primary and secondary markets, Suning Yigou opened 158 new 3C home appliance and lifestyle professional stores in the first three quarters, including 37 "Suning Yijia" stores. Among them, 103 new stores were opened in the third quarter, which is about twice the number of new stores opened in the first half of the year. Against the backdrop of overall pressure on the home appliance industry, Suning Yigou's core home appliance 3C business revenue increased by 5.58% year-on-year in the first three quarters, higher than the growth rate of retail sales in the home appliance industry during the same period.

In the county market, Suning Yigou Retail Cloud maintains stable store expansion and business growth. In the third quarter, retail cloud opened 722 new stores, with a total of 1584 new stores in the first three quarters and a total of 10692 retail cloud franchise stores.

At present, the retail cloud has laid out over 1100 home integration stores, over 200 fast repair stores, and over 110 kitchen stores, presenting a multi format and multi regional retail pattern. The total sales scale of retail cloud channel products in the first three quarters increased by 28.12% year-on-year.

According to the third quarter report, with the strong support of the governments of Jiangsu Province and Nanjing City, as well as the full support of suppliers and partners, Suning Yigou firmly implements the development strategy of retail service providers, focuses on the development of the 3C core business of home appliances, continues to focus on income increase, cost reduction, and efficiency improvement, and achieves stable development of the enterprise.

Suning Yigou stated that it will create a more open retail service platform, consolidate service capabilities, continuously improve the operational efficiency of partners, and promote the upgrading of user consumption experience. (One Orange)