Chinese premium department store chain said that its fiscal year 2007 profit attributable to equity holders surged by 66.3% to CNY386m (US$55.01m), opening two new stores during the period.

Golden Eagle said its turnover was up 23.1% to CNY1,107.5m, from CNY900.0m in 2006, and its board proposed a final dividend of RMB4.3 cents per share.

It said that concessionaries sales contributed 92.2% of the group's GSP and direct sales contributed 7.5%. The average commission rate has slightly decreased to 20.6%, due to faster sales growth of goods with lower commission rate, generally lower commission rate of new stores, and more discount offered to VIP customers, Golden Eagle said.

The retailer opened its Kunming Store and Nanjing Zhujiang Store in August and December 2007, selling among others the Hermes, Gucci and Ferragamo brands. Two more new stores, namely Huai An Store and Yancheng Store, are expected to commence operations in 2H 2008, the company said.

Roger Wang, chairman of the group, said: "We will adhere to our self owned property and M&A strategy to expand our network. Meanwhile, we will actively adjust merchandise and brand mix, to shorten the ramp up period of the new stores and enhance profit margin. With our active development plan and defensive self owned property strategy, the group is confident to reward the shareholders with its outstanding results."