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China Resources Enterprise warns of 2014 loss, hit by Tesco venture costs

Reuters - UK Focus

HONG KONG, March 3 (Reuters) - Retail-focused conglomerate China Resources Enterprise (HKSE: 0291.HK - news) (CRE) expects the financial impact from the initial stages of its joint venture with Tesco to send it to a full-year loss for 2014, the company said on Tuesday.

CRE, which competes with China's top hypermarket operator Sun Art Retail Group, said competition from e-commerce and an anti-extravagance crackdown by the government also hurt earnings.

The company's retail arm made a HK$800 million ($103 million) provison in the fourth quarter for closure of inefficient stores and it expects a net loss in the running-in period for the the Tesco (Xetra: 852647 - news) joint venture. CRE posted a HK$1.91 billion profit in 2013.

CRE said it will focus on expanding supermarkets, specialist stores and convenience stores. It is due to announce its annual results later this month. ($1 = 7.7546 Hong Kong dollars) (Reporting by Donny Kwok; Editing by David Goodman)