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China Jo-Jo Drugstores, Inc. Reports Fiscal Year 2014 First Quarter Earnings Results and Schedules Conference Call for August 19, 2013
Date:8/16/2013

HANGZHOU, China, Aug. 16, 2013 /PRNewswire/ --

Fiscal Year 2014 First Quarter Highlights:

  • Revenues from retail sales increased to $10.9 million, up 21.9% from the prior period
  • Gross profit from retail sales were $2.8 million, down 19.8% from the prior period
  • Revenue from wholesale operations decreased to $4.4 million, down 79.3% from the prior period
  • Net loss was $0.8 million
  • Diluted and basic loss per share was $0.06
  • China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (the "Company"), a retail and wholesale distributor of pharmaceutical and other healthcare products in China, today reported earnings results for the three months ended June 30, 2013. The Company will hold a conference call on Monday, August 19, 2013, at 8:00 a.m. Eastern Time. Please see below for dial-in information.

    Mr. Lei Liu, the Company's Chairman and CEO, stated, "Since the end of 2012, we have been refocusing on our competitive advantages in the retail drugstore segment: hiring additional clinic staff to better advise on drug selection, exploring the opening of additional clinics next to our drugstores, and stocking each location to better cater to its neighborhood. Nevertheless, retail profit margin decreased slightly from the same period last year as we were forced to adjust prices by government price control and our competitors." As of August 14, 2013, the Company operated 51 pharmacies, including five stores in Shanghai.

    Mr. Liu continued, "Since the third quarter of fiscal 2013, we have stopped low margin sales in our wholesale segment and are focusing on profitability over sales volume.
    Although this strategy may impact our ability to achieve first-tier distributor status, we believe that this approach is critical for our overall operations going forward."

    "For Fiscal 2014, we are looking to stabilize
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    SOURCE China Jo-Jo Drugstores, Inc.
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