在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

US EUROPE AFRICA ASIA 中文
Business / Companies

XE Flavor reports record loss amid austerity drive

By Wang Zhuoqiong (China Daily) Updated: 2014-03-01 10:45

XE Flavor reports record loss amid austerity drive

A closed Beijing XE Flavor Group restaurant. The company blamed a plunge in revenues on "changes in the operating environment and a sharp drop in consumption", according to its annual results released on Thursday.[Photo/China Daily]

High-end restaurant chain Beijing XE Flavor Group said it swung to a record loss of 564 million yuan ($92.5 million) last year, reflecting the impact of the government's austerity drive.

In 2012, it made a profit of 109 million yuan.

Revenue fell 41.2 percent last year to 802 million yuan because of "changes in the operating environment and a sharp drop in consumption", according to its annual results released on Thursday.

XE Flavor reports record loss amid austerity drive

Austerity push closes high-end restaurants

XE Flavor's struggles are common in the catering industry as the austerity campaign continues this year.

Food manufacturers and catering experts said the age of high growth for luxury food products and high-end businesses has ended.

Bian Jiang, a deputy director of the China Cuisine Association, noted that the growth rate of the catering industry slowed to 9 percent last year from 13 percent in 2012 and 16 percent in 2011. Last year was the first time that growth slipped below double digits in 23 years.

The net profit of China Quanjude Group Co Ltd, a famed roast duck restaurant chain, is estimated to have fallen 28.4 percent in 2013, the first decline in five years. The company said in January that its sales were affected by a decline in high-end customers and concerns over avian flu.

Meanwhile, XE has had to adapt to changing times. It plans to target mainstream customers. It's also shut some stores that seem unlikely to be profitable again.

Five restaurants in Hohhot, Nanjing and Wuhan were closed, while the floor area of one outlet in the Xidan area of central Beijing was reduced to cut costs. The company has closed 10 restaurants so far.

XE Flavor also dropped high-priced dishes from its menu and eliminated minimum charges.

Li Qiang, secretary of the board of XE Flavor, said on Friday that the company aims to return to profitability this year by investing in diversified businesses including environmental protection and culture.

The company acquired Hefei Tianyan Green Energy Development Co Ltd in December. It also made an investment in Jiangsu Shengyi Environmental Technology Co Ltd.

Shortage of labor hobbles hiring at Beijing businesses

Reaffirm China's resolve to fight corruption

XE Flavor reports record loss amid austerity drive

XE Flavor reports record loss amid austerity drive

China's top 10 richest cities

Top 10 overseas travel destinations for Chinese riches

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 国产伦精品一区二区三区电影 | 国产精品免费观看 | 精品视频在线观看 | 久久精品福利 | 99久久精品国产一区二区三区 | 一区二区三区国产 | 国产亚洲精品久久久456 | 日视频| 男人的天堂一级片 | 亚洲 欧美 综合 | 不卡视频一区 | 久久精品国产99国产 | 国产精品免费视频一区 | 九九热精品免费 | 国产精品1区2区3区 国产成人精品一区二区三区四区 | 成人亚洲| 欧美福利一区二区 | 欧美日韩色图 | 激情网在线观看 | 欧美1级 | 2021av在线 | 久久精品国产一区二区三区不卡 | 日韩国产一区二区三区 | av网站免费在线 | 国产精品成人在线观看 | 欧美一区不卡 | 欧美乱码久久久久久蜜桃 | 日韩在线一区二区 | 欧美另类一二三四 | 国产乱码精品一区二区三区忘忧草 | 日韩欧美中文在线 | 四虎免费在线播放 | 国产剧情一区二区 | 国产精品一区二区欧美 | 国产成人亚洲综合 | 性色浪潮 | 日韩美香港a一级毛片免费 欧美一极视频 | 欧美精品一区二区三区四区五区 | 午夜私人福利 | 国产成人一区二区 | 蜜桃精品久久久久久久免费影院 |