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

ood-value private label products in convenience products category. In the first quarter, private label products' contribution to the convenience products category also reached 30.2%, helping maintain a reasonably favorable gross profit margin level on sales of convenience products.

Sales, marketing and other operating expenses as a percentage of revenue in the first quarter of 2011 decreased to 40.7% compared to 42.9% in the same period of 2010. This decrease from the same period of last year was primarily due to higher sales revenue generated from the diversification strategy and rigorous cost control measures.

General and administrative expenses as a percentage of revenue in the first quarter of 2011 were 5.1%, compared to 5.8% in the same period of 2010. The decrease was also due to cost control efforts and a higher revenue base in 2011.

As a result of the factors discussed above, income from operations in the first quarter of 2011 was RMB11.8 million (US$1.8 million), compared to a loss of RMB4.2 million in the same period of 2010. Operating margin was 1.9% in the first quarter of 2011.

Interest income for the first quarter of 2011 was RMB4.9 million (US$0.7 million), compared to RMB8.2 million in the same period of 2010. The decrease in interest income was mainly due to lower cash balances as a result of the dividend payments in 2010 and 2011, and share buyback program in 2010. Dividend income from cost method investments was RMB2.0 million (US$0.3 million), compared to that of RMB3.0 million in the same quarter of 2010. Equity income of an equity method investee was RMB1.0 million (US$0.2 million), compared to that of RMB1.8 million in the same quarter of 2010.

Nepstar's effective tax rate was 46.1% for the first quarter of 2011, compared to 66.8% for the same period in 2010. The decrease in effective tax rate was primarily because less valuation allowance was made for the deferred tax assets of loss-making subsidiaries due
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SOURCE China Nepstar Chain Drugstore Ltd.
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