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Hema Fresh’s Positive Turnaround Continues With Nationwide Expansion

May 30, 2024

On May 14, Alibaba released its fourth-quarter and full-year financial report for fiscal year 2024 (April 1, 2023, to March 31, 2024). Following a year of proactive transformation, Alibaba has returned to a healthy growth trajectory, displaying positive momentum for future development.

The financial report shows that revenue from non-core businesses reached 51.46 billion Chinese yuan ($7.11 billion) in the fourth quarter and 192.33 billion yuan ($26.59 billion) for the entire fiscal year. Hema Fresh, also known as Freshippo, remains a key part of Alibaba’s operations, and its revenue continues to grow.

After a tumultuous period involving major personnel changes, price discount reforms, store closures and a relaunch of the company’s membership system, Hema Fresh’s business situation appears to be improving. Data show that Hema Fresh has opened approximately 10 new stores in multiple cities across China since January, including four new stores in April alone. Hema has also stated that it will intensify its presence in the Yangtze River Delta region this year.

Hema Fresh plans to open 70 new stores nationwide, expecting the total number to exceed 400 by the end of the year. Simultaneously, the company has launched a nationwide expansion plan, aiming to open 500 Hema Fresh Outlet stores in 2024, covering regions including Jiangsu, Zhejiang and Beijing.

Image: Hema Fresh

This article was translated from Chinese. Read the original article.

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