China 3C Group (OTC:CHCG) has release the third quarter earnings for 2009. The reports show a net sales decrease of 44.4% at $44.0 million compared to the previous year’s &79.1 million for the same period. The sales decrease is attributed to a variety of factors including a general slowdown in the retail markets, decreased demand for consumer and business electronics, and weakening financial conditions worldwide.
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Gross profit for the quarter was reported at $4.0 million, down from last year’s $11.8 million. The gross margin was reported as 9.1%, down 15.0% from the previous year’s during the same period. The decrease resulted from a drop in unit sales of consumer and business electronics in the competitive Chinese market.
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