Lei Jianping on April 30
Suning Tesco Group Co., Ltd. (stock code: 002024, stock abbreviation: ST Tesco) recently released its financial report. According to the financial report, Suning Tesco's revenue in the first quarter of 2024 will be 12.58 billion yuan, down 20.68% from 15.859 billion yuan in the same period last year.
Suning.com's net loss in the first quarter of 2024 was 96.87 million yuan, compared with a net loss of 100 million yuan in the same period last year, and a net loss after deducting non-profits was 329 million yuan, compared with a net loss of 488 million yuan in the same period last year.
Suning Tesco said that due to the implementation of slimming adjustment of Carrefour's business since the end of the second quarter of 2023, the base of the same period is still high, and at the same time, the consumption prosperity in the first quarter still needs to be improved, according to the statistics of the China National Commercial Information Center, in the first quarter of 2024, the retail sales of 100 key large retail enterprises in the country fell by 2.3% cumulatively, of which the retail sales in March fell by 2.6% year-on-year, and there was also a seasonal disturbance to the promotion of home appliances during the Spring Festival holiday. In summary, during the reporting period, the company's operating income decreased by 20.68% over the same period.
Although the company's revenue declined year-on-year in the first quarter, the company accelerated the development and reserve of core stores in key cities in the first quarter, with a total of 22 newly signed reserve stores, and systematically promoted the upgrading of store image standards, commodity planning and optimization of moving line layout and other standardized construction work, which is conducive to accelerating the implementation of store transformation and upgrading to improve operating efficiency, and laying a good foundation for the realization of the company's annual business goals.
By the end of the first quarter, the total number of Suning.com retail cloud franchise stores reached 10,756, and the franchise network continued to expand.
During the reporting period, the company continued to strengthen the promotion of exclusive customized products, optimized the product sales structure, and the sales of omni-channel exclusive products accounted for 29% in the first quarter, and the gross profit margin improved year-on-year.
In the first quarter of 2024, Suning Tesco achieved a net profit of -68 million yuan, a year-on-year decrease of 62.26%, and a net profit attributable to the parent company of -97 million yuan, a year-on-year decrease of 3.75%. The company continued to strictly control various expenses, improve the efficiency of capital operation, and achieved a net cash flow of 1.407 billion yuan from operating activities.
Suning.com expects to open and renovate 43 new stores in the second quarter, build immersive shopping and one-stop home shopping experience centers in core cities across the country, and accelerate the development of retail cloud business, especially the scale of SUPER stores. Suning Tesco said that with the continuous promotion of the established work plan at the beginning of the year, the company has further consolidated and optimized its revenue and expenses, and strived to achieve continuous improvement in operating efficiency.
Ali is the majority shareholder
As of March 31, 2024, Hangzhou Haoyue Enterprise Management Co., Ltd., a subsidiary of Alibaba, held 19.99% of the shares, Zhang Jindong, the founder of Suning Tesco, held 17.62% of the shares, Jiangsu New Retail Innovation Fund II (Limited Partnership) held 16.96% of the shares, and Jiangsu New Retail Innovation Fund (Limited Partnership) held 5.59% of the shares;
Suning's shareholding structure as of March 31, 2024
Li Songqiang holds 3.26% of the shares, Suning Holding Group Co., Ltd. holds 2.73% of the shares, Suning Electric Group Co., Ltd. holds 1.39% of the shares, Jinming holds 1.34% of the shares, Suning Tesco Group Co., Ltd. - Phase V Employee Stock Ownership Plan holds 0.9% of the shares, and Chen Jinfeng holds 0.78% of the shares.
Zhang Jindong and Suning Holding Group Co., Ltd. formed a concerted action relationship, and Zhang Jindong held 50% of the equity of Suning Electric Appliance Group Co., Ltd.
On the whole, the top ten shareholders of Suning Tesco in 2024 have not changed, the only difference is that Ali has changed its shareholding entity and changed from Taobao to Hangzhou Haoyue Enterprise Management Co., Ltd.
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