[ 2008-11-17 ]
PARKSON Retail Group Ltd, the Beijing-based department store chain controlled by Malaysia's Lion Group, said third-quarter profit climbed 27 percent as sales of clothes and cosmetics rose, it said yesterday.
Net income from continuing operations rose to 190.3 million yuan (US$28 million) from 149.6 million yuan a year earlier, the Hong Kong-listed retailer said. Sales rose 23 percent to 2.4 billion yuan. Same-store sales grew at 14.4 percent.
China's retail sales rose 22 percent last month, close to the fastest pace in nine years, signaling that domestic demand may help the world's fourth-biggest economy. The supermarket operator has bought out partners this year and said in May it will buy stakes in two stores from parent Parkson Holdings Bhd for 240 million yuan, according to Bloomberg News.
China's wage growth, the key driver to the retail industry's growth in the world's most populous country, will be hurt by the global economic slowdown, Parkson said. "We expect our business to face short-term challenges and pressures," it said.
While the company expects to gain from the Chinese government's 4 trillion yuan stimulus plan, its effect "will take time to materialize."
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