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Wumart on the rise

(China Daily)
Updated: 2007-04-26 09:11

Wumart Stores Inc, Beijing's largest supermarket chain, said first-quarter profit jumped 25 percent as rising incomes spurred consumption.

Net income rose to 78 million yuan from 62.4 million yuan a year earlier, the Beijing-based company said in a statement to the Hong Kong stock exchange yesterday.

Sales increased 50 percent to 2 billion yuan. Wumart will expand through opening new stores and acquisitions amid "intensifying and ferocious competition", the company said yesterday.