Supermarket operator Sun Art Retail Group Ltd. (6808.HK) reported Tuesday that revenue for its latest fiscal year through March fell 1.4% year-on-year to 71.6 billion yuan ($9.91 billion). But the company returned to the black for the year with a net profit of 405 million yuan, reversing a 1.61 billion yuan loss in the previous fiscal year. It proposed a final dividend of HK$0.17 per share, bringing its total annual dividends to HK$0.34.
During the fiscal year, Sun Art shuttered eight hypermarkets and one superstore, while it also opened one new hypermarket, four superstores and four M-Club membership stores. As of March 31, the company operated 465 hypermarkets, 33 superstores and seven M-Clubs.
The company said that in today’s increasingly competitive retail landscape, customer footfall serves as both the foundation and true test of its values. It is implementing an “Everyday Low Price + Community Life Center” model through enhanced product competitiveness, optimized store layouts and elevated customer experience.
Shares of Sun Art opened up 12.4% at $HK2.18 on Wednesday. The stock is down over 20% from its peak over the past six months.
By Lau Chi Hang
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