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China Nepstar Chain Drugstore Reports First Quarter 2009 Financial Results
Date:5/27/2009

Officer of Nepstar. "Nepstar is actively aligning itself with this change by closing down poorly performing stores in southern regions and focusing our efforts on driving sales in northern regions by improving store efficiencies. As a result, we have been able to minimize the adverse impact on our overall same store sales, and increased first quarter revenues by 12.1% compared to revenue in the first quarter of 2008 on a pro forma basis. We will continue to control costs, improve operating efficiencies and pursue competitive strategies to leverage our brand strength and network scale."

First Quarter Results

Revenue for the quarter ended March 31, 2009 was RMB506 million (US$74 million), compared to RMB543 million for the first quarter of 2008, and was 12.1% higher than revenue of RMB451 million for the first quarter of 2008 on a pro forma basis.

First quarter revenue contribution from prescription drugs was 22.1%, over-the-counter ("OTC") drugs was 37.9%, nutritional supplements was 20.1%, traditional Chinese herbal products was 4.2% and other products was 15.7%. Same store sales (for stores opened before December 31, 2007) for the first quarter of 2009 decreased by 1.9% from the same period last year. The decline was mainly due to the worsened economic environment in southern China, where many export oriented businesses have suffered from collapsing global demand. Same store sales were calculated based on 1,630 stores opened as of December 31, 2007.

Nepstar's portfolio of private label products included 1,451 products as of March 31, 2009. Sales of private label products represented approximately 28.5% of revenue and 42.7% of gross profit for the first quarter 2009.

Gross profit was RMB244 million (US$36 million) for the first quarter of 2009, as compared to RMB259 million for the first quarter of 2008 and RMB229 million on a pro forma basis. Gross margin for the quarter
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SOURCE China Nepstar Chain Drugstore Ltd.
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