China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD), which primarily operates retail pharmacies in the People’s Republic of China, today reported financial results for the fourth quarter and full year ended March 31, 2011.
Fourth Quarter of Fiscal Year 2011 Highlights:
- Revenues increased 29.0% to $21.0 million
- Gross profit increased 21.1% to $6.8 million; gross margin reaches 32.3%
- Diluted and basic earnings per share $0.18
- Opened first store in Shanghai and announces plans for more than 10 locations
Fiscal Year 2011 Highlights:
- Revenues increased 26.8% to $70.0 million
- Comparable store sales rose 6.4%
- Gross profit rose 25.1% to $21.1 million; gross margin reaches 30.2%
- Diluted and basic earnings per share of $0.64 in line with previously announced expectations
- Opened 26 new stores bringing total number of stores in operation to 51 locations as of March 31, 2011
- Launched online drugstore - www.dada360.com
- Extended geographic reach through entry into Shanghai market
Dr. Lei Liu, Chairman and CEO, stated, “In fiscal 2011, we executed on a number of key operating initiatives designed to drive long-term growth and delivered financial results in line with our previously announced expectations. During the year, we expanded our footprint in Zhejiang Province with the opening of 25 new stores, extended the Company’s geographic reach with our strategic entry into Shanghai, one of the wealthiest cities in eastern China, and launched our online drugstore.”Fourth Quarter of Fiscal Year 2011 Results Revenue for the fourth quarter of fiscal year 2011 increased by 29.0% to $21.0 million compared to $16.3 million in the fourth quarter of fiscal year 2010. The year-over-year increase is primarily attributable to sales from new stores. Comparable store revenues, which the Company defines as stores open for 15 months or more, decreased 9.0% primarily due to increasingly competitive market conditions.