China Resources Enterprise\\\'s Q1 profit slides

HONG KONG May 26 (Reuters) : Retail conglomerate China Resources Enterprise (CRE) said on Monday its first-quarter net profit fell 30.5 per cent, 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 per cent 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 per cent to HK$471 million ($61 million) during the quarter despite an 8.3 per cent increase in revenue to HK$28.1 billion. Its food division fell into the red with a HK$50 million loss compared with a HK$57 million profit a year earlier.

 "Looking ahead, the retail division will continue to adopt hypermarkets as its main retail format and to expand its multi-format store network in regions where the group has already established a presence," chairman Chen Lang said in a statement.