date:May 27, 2014
Retail conglomerate China Resources Enterprise (CRE) said on Monday its first-quarter net profit fell 30.5 percent, hit by competition from e-commerce and a softer Chinese economy.
CRE, which has interests that span beverage making to supermarket chains, said its retail division recorded a 0.4 percent drop in same-store sales during the quarter as more consumers shopped online, while higher wages also hurt results.
Profit from retail operations fell 10.3 percent to HK$471 million ($61 million)