On February 21, Wal Mart China announced that the net sales of Wal Mart China in the fourth fiscal quarter were $4 billion, up 11.3% year on year, comparable sales increased 6.6%, and e-commerce business net sales increased 11%. The Sam's format and e-commerce business continued to perform strongly throughout the quarter. This year's Spring Festival is later than last year, which has an impact on sales growth rate. During the fourth fiscal quarter, Wal Mart China's gross profit margin was relatively stable, and e-commerce distribution costs were further reduced. Driven by sales growth, higher Sam's penetration rate, and efficient operations, the overall operating rate decreased and revenue increased in the fourth quarter. The overall e-commerce penetration rate of Wal Mart in China is 48%.