BRIEF: Sun Art Retail swings to loss in latest fiscal year
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Supermarket operator Yonghui Superstores announced on Sunday that it expects a loss of 300 million to 500 million RMB (approximately 51 million USD) for the fiscal year ending in March, compared to a profit of 386 million RMB reported the previous year. Although the gross margin has slightly increased, revenue and gross profit have decreased due to a decline in transaction volume and average selling price, putting overall profitability under pressure. Additionally, the decline in rental income from shopping centers has also impacted the company. Despite the losses, the company stated that its operating cash flow remains positive
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