Sun Art Retail Group Delivered in Line Third-Quarter Results; Fair Value Estimate Unchanged
Narrow-moat Sun Art delivered in line third-quarter results, with revenue, operating profit, and net profit up 4.4%, 3.8%, and 2.5% year over year, respectively. The company’s same-store sales saw a 0.12% growth during this period, an improvement compared with a 2.2% decline in the second quarter. Despite the challenging operating environment, the company is still opening new stores, especially in tier-3 and tier-4 cities, where e-commence is less developed than tier-1 cities. We will keep our e...Sun Art Retail Group is an investment holding company, engaged in the operation of hypermarkets in the People's Republic of China (PRC), under two banners of Auchan and RT-Mart. As of Dec 31 2014, Co. had a total of 372 hypermarket complexes in China, with a total gross floor area of approximately 10,277,525 sq. m.
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