Bestore: Online Channels Dominate CNY 3.60 Billion Revenue in 1H 2020

Consumer Staples Author: Yue Liu Editor: Luke Sheehan Aug 28, 2020 02:16 PM (GMT+8)

Bestore claimed that, although the current online revenue accounted for more than offline, it will continue to adhere to the omnichannel business model.

Image credit: EqualOcean

On August 27, the snack food company Bestore handed over its half-year report. The company recorded revenue of CNY 3.61 billion, an increase of 3.02% year-on-year. The net profit attributable to the parent was CNY 161 million, a decrease of 17.56% from the same period last year.

The net profit in the first quarter of 2020 was CNY 87.79 million, a year-on-year decrease of 24.12%. However, the decline in profitability in the second quarter has slowed, with a net profit of CNY 72.94 million, a year-on-year decrease of 17.9%.

The epidemic has severely affected the company due to more stores in Wuhan, so the revenue growth in this period mainly comes from online channels. Also, the market segments, such as children's snacks and fitness snacks, have increased.

Bestore also started a food delivery business, lifting orders by about 10%. Since going public in 2020, the firm has extended to some subdivisions, among which three subdivisions of children's snacks, fitness snacks, and corporate group buying are the company's new markets. Among them, the revenue of children's snacks sector grew by about 34% year-on-year, ranking first.