February 20, 2017 / 3:25 AM / 6 months ago

China's Sun Art to slow pace of store openings in 2017

HONG KONG, Feb 20 (Reuters) - Hypermarket operator Sun Art Retail Group Ltd said on Monday it will slow the pace of store openings in 2017 amid intensifying competition in China's retail sector.

Chief Executive Officer Bruno Mercier was speaking after Sun Art on Sunday posted a 5.2 percent rise in 2016 net profit as steady demand from lower-tier cities helped offset growing pressure from the rapidly expanding e-commerce sector. (Reporting by Donnw Kwok; Writing by Anne Marie Roantree; Editing by Christopher Cushing)

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