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Suning.com Released the 2020 Q1 Financial Result, GMV Achieved RMB 88.7 Billion

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NANJING, China, April 29, 2020 /PRNewswire/ — Suning.com (002024.SZ), China’s leading O2O smart retailer, owned by Suning Holdings Group, released 2020 Q1 financial result. According to the report, Suning.com achieved revenue of RMB 57.839 billion (US Dollars 8.172 billion) and GMV of RMB 88.672 billion. Among which, GMV of online open platform reached to RMB 24.168 billion, increasing by 49.05% year-on-year. Facing the outbreak of the pandemic, Suning.com positively sought for changes. The company vigorously developed the online business and home delivery service. The GMV of online business attained to RMB 61.04 billion, accounting for 68.85% of total business.

In the face of the pandemic, Suning.com fully took advantages of accumulated full-scenario Internet operational capabilities, full-category products and self-operated logistics. Moreover, the company discovered the community consumption business, developed the home delivery service and enhanced the ecological brand partnership. Thanks to the transformations, the commodity scale of Suning.com increased gradually, far better than the industrial average level, demonstrating the strength and potential of Suning’s full-scenario smart retail business.

During the Q1 2020, Suning.com guaranteed consumers with abundant products and non-stop operation. Suning Carrefour and Suning Convenience Store optimized the supply chain and assured the logistics needs for more than 100 cities. Regarding to the consumption demand of lazy economy, Suning.com fully optimized its home services from IT technology to products structure, establishing a supply chain integration of store and warehouse, making sure the delivery timeliness and bringing more online traffics and a better reputation for the platform. In Q1, new registered members of Suning.com reached to 23 million while total members surpassed 578 million. Especially, monthly active users increased by 36.87% year-on-year. In addition, Suning Carrefour has achieved two consecutive quarterly profits and the home-delivery service has gained a prominent performance, accounting for 10% of total Carrefour sales in March. What’s more, the business scale of Suning.com FMCG category achieved a growth by 167.99% year-on-year.

In the first quarter of 2020, Suning.com made strategic changes and maintained operational edges by accelerating expansion in the lower-tier market and discovering new business model. During the reporting period, the company encouraged employees from stores to selling through live streaming, promoting 194.84% of growth of Tuike (Community Recommendation) business . Meanwhile, the number of new Retail Cloud franchises reached to 466 and total franchises attained to 4,963. Moreover, Suning logistics formed a service of diversity and high efficiency, partnering with many corporations of home appliance, 3C, furniture, food and general merchandise.

The Chairman of Suning.com Group, Zhang Jindong mentioned that the outbreak of the pandemic has caused a huge economic impact in the short term, which will not affect the long-term prospective development of China’s economy. In 2020, the purpose of Suning will continue to seek for stable development and steady investment, strengthening the construction of infrastructure and implementing its business of openness and integration. Suning will keep enhancing the full-scenario development and enlarging the output of resource capability.

SOURCE Suning.com