NEW YORK (TheStreet) -- Shares of China Jo-Jo Drugstores (CJJD) were gaining 22.32% to $4 on heavy trading volume Thursday after the company announced that it achieved over 90% year over year annual sales growth in fiscal 2015.
China Jo-Jo said it saw 200% sales growth from its online pharmacy site in the fiscal year that ended on March 31, 2015. The company said that offline drugstores grew by 205% in the fiscal year.
Online pharmacy sales reached about $14 million in sales in fiscal 2015, the company said, accounting for "over 18%" of its total revenue in the fiscal year, up from about 11% in fiscal 2014.
China Jo-Jo said it will announce its full fiscal 2015 results on or before June 29.
About 3.8 million shares of China Jo-Jo were traded by 9:56 a.m. Thursday, well above the company's average trading volume of about 163,000 shares a day.
TheStreet Ratings team rates CHINA JO-JO DRUGSTORES INC as a Sell with a ratings score of E+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHINA JO-JO DRUGSTORES INC (CJJD) a SELL. This is based on the combination of unfavorable investment measures, which should drive this stock to significantly underperform the majority of stocks that we rate. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally high debt management risk and poor profit margins."
Highlights from the analysis by TheStreet Ratings Team goes as follows: