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China Nepstar Chain Drugstore Reports Fourth Quarter and Fiscal Year 2010 Financial Results
Date:3/16/2011

re and kitchen cutlery are being well accepted by our customers due to their outstanding quality and attractive price."

"We are testing many new products in different markets and closely monitoring both sales performance and customer feedback. As a result, we have successfully improved the average spending per customer visit and maintained our productivity," Mr. Wu concluded.

Fourth Quarter ResultsDuring the fourth quarter of 2010, the Company opened 31 new stores and closed 61 stores.  As of December 31, 2010, Nepstar had a total of 2,547 stores in operation.

Revenue for the quarter ended December 31, 2010 increased 1.0% to RMB627 million (US$95 million), compared to revenue of RMB621 million for the same period in 2009. The increased sales of newly introduced convenience products continued to offset the negative impact on drug sales from the Chinese government's healthcare reform policies leading to price reductions and diversion of customers from drugstores to community clinics.

Fourth quarter revenue contribution from prescription drugs was 19.3%, OTC drugs was 37.3%, nutritional supplements was 18.9%, traditional Chinese herbal products was 3.8% and convenience and other products was 20.7%. During the fourth quarter, the Company introduced 117 new SKUs (Stock Keeping Units) within the scope of convenience products. The sales of convenience products accounted for approximately 12.0% of the total revenue of the fourth quarter.

Same store sales (for 2,078 stores opened before December 31, 2008) for the fourth quarter of 2010 declined slightly by 1.1% compared to the same period in 2009. This decline was mainly due to higher level of prescription and OTC drug sales in the fourth quarter of 2009 related to the H1N1 epidemic.  

Nepstar's portfolio of private label products included 1,770 products as of December 31, 2010. Sales of private label products represented approximately 30.4% of revenue and 40.6% of g
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SOURCE China Nepstar Chain Drugstore Ltd.
Copyright©2010 PR Newswire.
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