SHENZHEN, China, May 25, 2011 /PRNewswire-Asia-FirstCall/ —
China Nepstar Chain Drugstore Ltd. (NYSE:
NPD) (“Nepstar” or “the Company”), the largest retail drugstore
chain in China based on the number of directly operated stores,
today announced its unaudited financial results for the first
quarter ended March 31, 2011.
Financial HighlightsFor the quarter ended March 31,
2011:
Revenue increased by 9.0% to RMB618.1 million (US$94.4 million),
compared to revenue of RMB567.2 million in first quarter 2010 Same
store sales increased by 8.9% over the prior year’s period Income
from operations was RMB11.8 million (US$1.8 million) compared to a
loss of RMB4.2 million in first quarter 2010 Net income was RMB10.6
million (US$1.6 million) compared to RMB2.6 million for the same
period of 2010
Mr. Jason Wu, Chief Executive Officer of Nepstar, commented,
“We are pleased to share the positive progress of our strategic
transition to a neighborhood store for one-stop pharmacy and
convenience shopping. New merchandise in our convenience products
category has contributed to the increase of sales by 8.9% on a same
store basis, despite ongoing government pricing controls over some
of our core pharmaceutical products.
“Household consumables continued to deliver growth in sales,
which underscores our theme of bringing health and value to our
customers’ daily life. We believe there is further growth
potential in the convenience and household consumables market,
where we may leverage our large store network and logistics
coverage to our advantage.
“Our plan is to continue to introduce high-quality household
consumables at competitive prices with the goal of increasing the
average spending per customer per visit and to further drive same
store productivity.”
First Quarter ResultsDuring the first quarter of 2011, the
Compan
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