DGAP-News: Joyou AG: Strong growth of sales network in first nine months 2010
(firmenpresse) - Joyou AG / Key word(s): Miscellaneous
03.11.2010 12:27
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Hamburg, Germany, 03 November 2010. In the third quarter of 2010 Joyou AG,
a leading manufacturer for faucets and a specialist for other sanitary ware
products in China, opened 317 new points of sale. Compared to Q3 2009, when
115 stores were opened, this represents an increase of 176%.
As a result of the continuous high level of openings in Q3, Joyou has
expanded its sales network by an additional of 989 stores in the first nine
months of the financial year 2010. Year-on-year this represents a growth
rate of 146%. The company has achieved a higher than expected number of new
store openings and has nearly reached the full-year target of 1,000 new
stores.
The rapid expansion of the retail network is one of the targets announced
during Joyou's IPO on the Prime Standard of the Frankfurt Stock Exchange in
March 2010. 'We have successfully executed our store opening strategy ahead
of the planned schedule. We are confident that this will contribute to our
sales growth', states Jianshe CAI, CEO Joyou AG.
The expansion of the retail network is a fundamental part of Joyou's growth
strategy. The Chinese urban population is growing rapidly. Experts estimate
that about 350 million people are moving to cities from 2005 until 2025.
Joyou believes that this will spur the demand for the company's sanitary
ware products.
In Q3 2010, most of the new outlets have been opened in small and
medium-sized Chinese cities ('tier 3' and 'tier 4' cities). About 75% of
the new outlets are exclusive stores, selling only Joyou branded products.
This is in line with the company's strategy of focusing its growth on
smaller and medium-sized locations and strengthening its own brand. In the
third quarter of 2010 Joyou also opened 15 new flagship stores as part of
further steps taken towards strengthening the Joyou brand.
As at 30 September 2010 the company had a network of 3,516 sales outlets
throughout China. The company intends to further increase its number of
stores to 4,500 by 2013 or earlier, if the growth of the distribution
network continues at current pace.
The Joyou Q3 financial report will be published on November 22, 2010.
About Joyou
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and sells faucets and other sanitary ware products in China under its brand
name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for
international brands and trading companies in the United States and Europe
as well as other emerging markets. In 2009, Joyou was one of the leading
single-brand manufacturers of bathroom, kitchen and other faucets in China
in terms of revenues (according to BSRIA). Joyou has established an
extensive distribution network in China with 2,527 retail points of sales
as of 31 December 2009.
Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian
Province in China. Joyou's five main product groups sold in its own brand
business are bathroom faucets, kitchen products, shower products as well as
other bathroom products and other faucets and sanitary hardware. In 2009,
Joyou realised group revenues of EUR 172.3 million, an operating profit
(EBIT) of EUR 39.0 million and a net profit of EUR 22.3 million employing
on average 2,529 persons.
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms
referring to the future or future developments, as well as negations of
such formulations or terms, or similar terminology. These are described as
forward-looking statements. In addition, all information in this
communication regarding planned or future results of business segments,
financial classification numbers, developments of the financial situation,
or other financial or statistical data contains such forward-looking
statements. The company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future events and
developments. The company is neither responsible nor liable for these
forward-looking statements. It is not responsible for updating such
information, which only represents the state of affairs on the day of
publication.
For further information, please contact:
Kirchhoff Consult AG
Verena Rauch
tel.: +49 40 60 91 86 0
verena.rauch(at)kirchhoff.de
or visit the company website at: http://www.joyou.com
03.11.2010 12:27 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Joyou AG
Chilehaus A, Fischertwiete 2
20095 Hamburg
Deutschland
Phone:
Fax:
E-mail: ir(at)joyou.net
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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Datum: 03.11.2010 - 12:27 Uhr
Sprache: Deutsch
News-ID 32479
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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