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China Nepstar Chain Drugstore Ltd. Reports Second Quarter 2013 Financial Results
Date:8/29/2013

8 million (US$104.1 million) from RMB617.6 million for the same period in 2012. Same store sales (for the 1,969 stores opened before December 31, 2011 and were still operating) for the second quarter of 2013 increased by 8.6% compared with the same period in 2012. The increase in same store sales was primarily due to promotional initiatives aimed at increasing store traffic.

Second quarter revenue contribution by product category was 22.3% from prescription drugs; 38.2% from over-the-counter ("OTC") drugs; 14.8% from nutritional supplements; 4.0% from herbal products; and 20.7% from convenience and other products.

Second quarter gross profit was RMB280.8 million (US$45.7 million), a slight decrease from RMB287.5 million for the same period in 2012. Gross margin in the second quarter of 2013 was 44.0% compared with 46.5% for the same period of 2012. This decrease in gross margin was primarily the result of a more proactive marketing strategy for promoting the convenience and other products category.

The Company's portfolio of private label products was expanded to 2,069 types of products as of June 30, 2013. Sales of private label products represented approximately 25.0% of the Company's revenue and 33.8% of gross profit for the second quarter of 2013.

Sales, marketing and other operating expenses, as a percentage of revenue, in the second quarter of 2013 decreased to 38.9% from 40.8% in the same period of 2012. This decrease was primarily due to growth in same store sales and closure of underperforming stores.  

General and administrative expenses as a percentage of revenue in the current quarter was 4.6%, compared with 5.1% for the same period in 2012. This decrease was mainly due to the continued implementation of rigorous cost control measures.

During the second quarter, we recognized impairment loss of RMB 3.4 million, which represents the reduction of the carrying amoun
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SOURCE China Nepstar Chain Drugstore Ltd.
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