Executive of Yonghui Superstores Co Ltd said that it will accelerate expansion through a series of mergers and acquisitions, Beijing Business Today reported.

Zhang Xuansong, chairman of the board, also said the superstore operator will close four stores which reported poor turnovers, the newspaper said.

The Fujian-based supermarket chain said earlier that it plans to have 350 stores and 50 billion yuan ($8 billion) in sales revenue in China by 2014.

In the retailer's first quarterly report, net profit attributable to shareholders of the Shanghai-listed company surged 133.5 percent year-on-year to 276.14 million yuan. Its operation revenue for the first three months grew 20.79 percent year-on-year to 7.52 billion yuan.