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China electronics retailer Gome sees 2014 profit up 44 pct

Xinhua, March 23, 2015 Adjust font size:

China's leading home appliance retailer Gome posted a 43.5 percent increase net profit last year as it stepped up its e-commerce strategy to compete with rivals.

Gome's net income rose to 1.28 billion yuan (206 million U.S. dollars) in 2014, said its annual report released Monday. Sales rose 7 percent year on year to 60.4 billion yuan.

With more and more people buying online in China, traditional home appliance retailers like Gome and Suning face tremendous pressure, which has prompted them to develop an e-commerce strategy.

Gome's strategy has yielded results. Online sales for the whole of 2014 rose 84.4 percent, while sales in the fourth quarter were up 117 percent.

Gome also opened 154 new stores in shopping malls last year in a new strategy to boost sales and reduce costs. Endi