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China Jo-Jo Drugstores Announces Fiscal 2014 Second Quarter Financial Results
Date:11/14/2013

BEIJING, Nov. 14, 2013 /PRNewswire/ --

Fiscal Year 2014 Second Quarter Highlights:

  • In three months online sales contributed $1.6 million in revenue, an increase of 85.6% from the prior period
  • Retail sales, approximately 65.6% of total revenue for the three months ended September 30, 2013, increased by $0.6 million or 5.3% to $11.1 million compared with the same period last year
  • Cost of goods sold in the second quarter decreased to $13.9 million, down 40.2% compared with the same period last year
  • Gross margin increased quarter over quarter from 12.8% to 17.5%
  • Net loss was $0.55 million in the second quarter, losses narrowed 64.3% compared with the same period last year
  • Diluted and basic loss per share was $0.04
  • China Jo-Jo Drugstores, Inc. (CJJD) (the "Company"), a retail and wholesale distributor of pharmaceutical and other healthcare products in China, today announced earnings results for the three months ended September 30, 2013. As previously announced, the Company will hold a conference call at 8:00 A.M. Eastern Time on Friday November 15. Please see below for dial-in information.

    Mr. Lei Liu, the Company's Chairman and CEO, stated, "Due to the closure of 16 stores in the past calendar year, our drugstore sales declined slightly quarter over quarter. However, our same-store sales grew. Looking forward, we will continue to focus on our competitive advantages in the retail drugstore segment: hiring additional clinic staff to better advise on drug selection, looking to open additional clinics next to our drugstores, and stocking each store location to better cater to its neighborhood. Additionally, our online pharmacy grew steadily quarter over quarter, reflecting our efforts in collaborating with large B2C vendors, identifying products suitable for online customers, and controlling costs. Nevertheless, retail profit margin decreased
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    SOURCE China Jo-Jo Drugstores, Inc.
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