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China Nepstar Chain Drugstore Reports First Quarter 2011 Financial Results
Date:5/25/2011

y opened 25 new stores and closed 39 stores.  As of March 31, 2011, Nepstar had a total of 2,533 stores in operation.

Revenue for the quarter ended March 31, 2011 increased 9.0% to RMB618.1 million (US$94.4 million), compared to revenue of RMB567.2 million for the same period in 2010. Increased sales of newly introduced convenience products continued to offset the negative impact on drug sales from ongoing healthcare reform that has led to price cuts and diversion of patients from drugstores.

First quarter revenue contribution from prescription drugs was 19.6%, OTC drugs was 37.7%, nutritional supplements was 17.9%, traditional Chinese herbal products was 4.0% and convenience and other products was 20.8%. During the first quarter, the Company introduced 37 new SKUs (Stock Keeping Units) within the convenience products category. Sales of convenience products accounted for approximately 12.5% of total revenue for the first quarter.

Same store sales (for 2,275 stores opened before December 31, 2009) for the first quarter of 2011 increased by 8.9% compared to the same period in 2010. This growth was mainly attributable to increased sales of household consumables and other new non-pharmaceutical products introduced in the second half of 2010.

Nepstar's portfolio of private label products included 1,788 products as of March 31, 2011. Sales of private label products represented approximately 29.8% of revenue and 41.4% of gross profit for the first quarter of 2011.

First quarter gross profit was RMB294.8 million (US$45.0 million), compared to RMB272.2 million in the same period of 2010. Gross profit margin in the first quarter of 2011 was 47.7%, compared to 48.0% in the same period of 2010. The change in gross profit margin was mainly due to changes in revenue mix as the Company has introduced more household consumables with a lower gross profit margin compared to pharmaceuticals. The Company continued to make efforts to provide g
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SOURCE China Nepstar Chain Drugstore Ltd.
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