GOME Electrical Appliances Holding Ltd, China's largest electronics retailer by revenue, posted net profit in first quarter nearly three times higher than the year earlier thanks to stronger margins and sales in new stores.
The Beijing-based company said on Tuesday it earned 513 million yuan ($73.93 million) for the three months ended March 31, compared to 169.2 million yuan a year ago.
GOME achieved 3.17 percent same-store sales volume growth in first-quarter 2008 with full-year aim a range growth of 3 to 5 percent.
The company's President Chen Xiao said in the future GOME will seek to increase market share, develop alliances in other sectors and enhance in-store efficiency.
Shares in GOME fell 0.23 percent on Tuesday ahead of the earnings announcement. The stock has lost 9.7 percent from January through March.
GOME – which operates over 700 outlets across Chin -- acquired Dazhong Electrical Appliances at the end of 2007. Dazhong owned 70 branches in Beijing and took 50 percent market in the region .