Gome expects sharp rise in profit

Chinese electronics retailer Gome Electrical Appliances Holding Ltd said on Monday its gross profit in 2013 was expected to increase 18 percent, a sharp rise from 2012.

In the first three quarters, Gome's sales volume totaled 41.66 billion yuan ($6.88 billion), a year-on-year increase of 8 percent. The net profit in the same period was 582 million yuan, compared with a loss of 829 million yuan in the first three months of 2012, according to the company's financial report.

In addition, its operating expense ratio decreased 1.6 percentage points in that time.

The report also said the company had closed 110 stores, with 65 newly opened in the same period. At the end of the third quarter, it had 1,605 stores.