Wumart feels pressure of rising costs and tougher competition

Despite a booming retail market, Wumart Stores Inc, one of China's largest supermarket chains, on Thursday reported its first decline in full-year net profit in more than six years.

Wumart achieved sales of 18.9 billion yuan ($3.1 billion) in 2013, up 9 percent But net RETAIL profit fell 23.7 percent to 459 million yuan, the first slide since 2008.

The company attributed the decline to consolidation and restructuring of the store network in the past year, driven by rising rents and operating costs.