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China Nepstar Chain Drugstore Reports 92.1% Year-on-Year Increase in Operating Income for Third Quarter 2009
Date:12/1/2009

ansion of the breadth of product offerings and price ranges to maintain competitiveness and address evolving consumer consumption patterns.

Sales, marketing and other operating expenses as a percentage of revenue for the third quarter of 2009 decreased to 38.4% compared to 41.1% for the same period in 2008 and 43.4% for the same period in 2008 on a pro forma basis. This decrease was primarily due to implementation of effective cost control measures, which resulted in a reduction in headcount and a reduction in rental expenses. The decrease was also due to the closing of non-performing stores.

General and administrative expenses as a percentage of revenue for the third quarter of 2009 were 5.1% compared to 4.4% for the same period in 2008 and 5.0% for the same period in 2008 on a pro forma basis. This increase compared to the same period in 2008 on a pro forma basis was primarily due to increased labor costs associated with the recruitment of additional middle and senior management.

As a result of previously mentioned factors, operating income for the third quarter of 2009 increased to RMB34 million (US$5 million) compared to RMB19 million for the same period in 2008 and RMB18 million for the same period in 2008 on a pro forma basis. Operating margin improved to 6.1% for the third quarter of 2009, from 3.4% for the third quarter of 2008 on pro forma basis, and subsequently improved from 4.1% for the second quarter of 2009.

Interest income for the third quarter of 2009 was RMB17 million (US$2 million) compared to RMB30 million for the same period in 2008 on a pro forma basis. The decrease in interest income was primarily due to (i) the maturity of a majority of the held-to-maturity investment securities of which the proceeds were placed in bank deposits; (ii) a general decrease of interest rates for bank deposits; and (iii) lower cash balances as a result of the dividend payment of approximately RMB248 mi
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SOURCE China Nepstar Chain Drugstore Ltd.
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