Best Mart 360 profit soars 30.7% on network expansion

Best Mart 360 has plans to diversify its business and grow its income stream after a gross profit surge of 30.7 percent to approximately US$46.67 million for the six months to September 30.

The profit increase is mainly attributed to the Hong Kong retail chain’s active “expansion policy” of its physical stores while also implementing a sales and optimization strategy.

Best Mart 360’s sales increased 19.6 percent to US$132.05 million during the period.

The company sold over 3000 SKUs from 900 brands during the half year across its 141 stores under the Best Mart 360 banner and three FoodVille stores.

Loyalty program membership grew 9.5 percent to over 1 billion with mobile app users reaching 815,100, an increase of 27.9 percent year on year.

To satisfy the demand of different consumer segments, the company will implement a “dual-brand” model with the Best Mart 360 brand serving residential areas and FoodVille targeting large and medium-to-high-end shopping malls.