News summary
Gaoxin Retail's fiscal year 2024 revenue decreased by 13an1candycrush.3%an1candycrush, a net loss of 1.668 billion yuan. It is expected that multiple business formats will expand in fiscal year 2025, focusing on turning losses into profits and optimizing profit models.
Newsletter text
Gaoxin Retail Annual Report reveals efforts to reduce losses, and future strategies focus on omni-channel expansion
In the fiscal year ending March 31, 2024, Gaoxin Retail's revenue was 72.567 billion yuan, a year-on-year decrease of 13.3%, and a net loss of 1.668 billion yuan. Chairman Huang Mingduan emphasized that reducing costs and increasing revenue are the company's current top priorities.
Executive Director and CEO Shen Hui revealed that the group is committed to returning to the core of retail, reshaping price competitiveness, and restarting the growth engine. Under this strategy, the company closed some loss-making stores during the fiscal year, and opened 6 new hypermarkets and 14 mid-sized supermarkets, as well as 3 member stores, bringing the total number of stores to 507.
During the reporting period, RT-Mart Youxian APP accounted for approximately 36% of B2C online revenue, and order volume increased by 4.8% year-on-year. Expenses and expenses were 20.429 billion yuan, a decrease of 450 million yuan compared with the previous fiscal year. If the impact of impairment is excluded, a decrease of 1.414 billion yuan.
Looking forward to fiscal year 2025, Gaoxin Retail plans to accelerate the expansion of its super-format RT-Mart Super and M member stores. Currently, 13 locations have been identified to open new stores, and projects to build 4 M member stores are underway, covering Changshu, Jiaxing, Wuxi and Jiangyin.
Shen Hui is full of confidence in the company's future and said that he will take advantage of RT-Mart's brand advantages to stabilize revenue growth, continue to optimize the profit model of member stores, and accelerate regional layout and store improvement to achieve a turnaround and provide customers with practical discounts and high-quality products.
