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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

ers were made to stay competitive with local community hospitals that are able to sell at or near cost as their pharmacies are indirectly subsidized through the government. We also adjusted prices to match or better other competitors' prices. Accordingly, overall retail gross profit margin decreased. 

Wholesale gross margin increased because we are now focused on profitability for this segment such as by selling high margin products.
By comparison, our drive to generate sales volume by selling very low margin products created the low gross margin a year ago.

Selling and Marketing ExpensesSales and marketing expenses decreased by $177,383 or 9.5% period over period.
The decrease in absolute dollars is mainly due to the strict expense budget we implemented in 2013 as well as closure of low performing drugstores, which slowed down rental increase and lowered depreciation expense related to store improvement.  However, such expenses as a percentage of our revenue increased to 11.0%, from 5.7% for the same period a year ago as a result of significantly lower wholesale revenue.
We expect future sales and marketing expenses to not deviate significantly from its current levels.

General and Administrative ExpensesGeneral and administrative expenses decreased by $205,760 or 7.2% period over period.
Such expenses as a percentage of revenue increased to 17.2% from 8.7% for the same period a year ago.
The decrease in absolute dollars reflects our tight budget control as well as closure of low performing drugstores, which stemmed related overhead. The increase in percentage of revenue is mainly a result of a lower overall revenue base for the three months ended June 30, 2013. We expect future general and administrative expenses to remain at its current levels.

(Loss) Income from OperationsAs a result of decreased sales revenue, we had loss from operations of $720,491, as compared to income from operati
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SOURCE China Jo-Jo Drugstores, Inc.
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