Intime Department Store Gained Net Profit Of CNY547 Million In H1 2012

Intime Department Store has published its performance report for the first half of 2012, stating that it gained net profit of CNY547 million during the reporting period in China.

According to the report, the company's revenue increased by 20.1% year-on-year to CNY1.87 billion in the first half of 2012; its net profit increased by 13.7% year-on-year to CNY547 million; its sales income increased by 18.5% year-on-year to CNY6.588 billion; and its sales of individual stores increased by 9.2%.

By June 30, 2012, Intime had opened 29 department stores in China, with total construction areas of 1.253 million square meters. Of those department stores, 18 are located in major cities in Zhejiang province, six are in Hubei, one in Beijing, one in Anhui, one in Hebei, and two in Shaanxi.

In regards to the sales increase during the reporting period, Intime said it was mainly because of the growth of sales of individual stores. At the same time, the good performance of newly opened stores also contributed to the growth. Of the total CNY6.588 billion sales income, CNY5.707 billion was from franchised sales, accounting for 86.6%; while CNY710 million was from direct sales, accounting for 10.8%.

In addition, the rental income was a major part of Intime's income. During the first half of 2012, Intime's rental income was CNY150 million, a year-on-year increase of 68.2%. The rental income increase was mainly attributed to the effective use of rental area, and the increase of rental area gained from newly opened stores.