NWDS is awarded as the "Asia's 200 Best Under A Billion" by Forbes for the fourth consecutive year
New World Department Store China Limited ("NWDS") is pleased to announce that NWDS is accredited as the "Asia's 200 Best Under A Billion" by Forbes, a renowned international financial magazine for the fourth consecutive year.
Forbes editors picked 200 companies out of a universe of 15,000 Asia-Pacific companies with actively traded shares and sales between $5 million and $1 billion. Of these, 670 companies passed its criteria for profitability, growth, modest indebtedness and future prospects. Selection of the final 200 was based on earnings growth, sales growth and shareholders' return on equity in the past 12 months and over three years. NWDS is one of the first investors to enter the Mainland China retail market. Through 18 years of efforts, NWDS is now operating and managing 37 stores. It has extended its network to 17 cities throughout China and became a distinguished department store operator with exceptional awareness and reputation. NWDS has been elected as the "Asia's 200 Best Under A Billion" by Forbes since 2008 and this year is the fourth consecutive year winning the award, reflecting the profitability, market position, corporate governance and future development of NWDS were well-recognized internationally.
In recognition of the achievement of these 200 "Best Under A Billion" companies, Forbes Asia organized an award ceremony and dinner on November 10, 2011, in Hong Kong at the Four Seasons Hotel. The ceremony was bustling with excitement and gathered numerous business leaders, including the senior management of Forbes and representatives of the winning companies from Asia.
For receiving the award for the fourth time, Mr Philip Cheung, Managing Director and Executive Director of NWDS said, "We are very honored to be recognized by an internationally renowned media for accrediting as the 'Asia's 200 Best Under A Billion' again, showing that NWDS has tremendous strength to cope with different challenges even under volatile economic conditions. In the first half of 2011, China's economy remained steady and rapid growth despite the impact of European debt crisis, domestic consumption stayed strong, reflecting that the central government's strategy of expanding domestic consumption has achieved remarkable results and gave huge impetus to the development of retail industry. Looking ahead, NWDS will continue to strive for breakthrough in becoming a leading player in the department store industry and maximizing the return for our shareholders by capturing opportunities from China's economic growth, implementing the expansion strategies of 'multiple presences within a single city' and 'radiation city' as well as accomplishing the rebranding programme."