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

ross profit for the fourth quarter of 2010.

Fourth quarter gross profit was RMB311 million (US$47 million), compared to RMB298 million in the same period of 2009. Gross margin in the fourth quarter of 2010 was 49.6%, compared to 47.9% in the same period of 2009. The increase in gross margin was mainly due to changes in revenue mix as the sales of flu related low-margin prescription and OTC cough-and-cold drugs were at a relatively high level in the fourth quarter of last year. The Company also made greater efforts to provide high-quality yet reasonably-priced private label products in the convenience products category. In the fourth quarter, private label products' contribution in the convenience products category also reached 30.0%, which effectively helped to maintain sales of the convenience products category at a reasonably favorable gross margin level.

Sales, marketing and other operating expenses as a percentage of revenue in the fourth quarter of 2010 increased to 40.0% compared to 37.1% in the same period of 2009. This increase from the same period of last year was primarily due to higher labor costs associated with upward minimum wage adjustments in all of the regions in which Nepstar operates. Increased rental expenses in the inflationary property-for-rent market and logistics costs associated with the changes in the Company's product mix also contributed to higher operating expenses.

General and administrative expenses as a percentage of revenue in the fourth quarter of 2010 were 5.3%, compared to 4.1% in the same period of 2009. The increase was due to higher labor costs in maintaining competitive salary standard for core management team especially at branch level.

Primarily as a result of the factors discussed above, income from operations in the fourth quarter of 2010 was RMB24 million (US$4 million), compared to RMB42 million in the same period of 2009 and RMB14 million in the third quarter of 2010. Operating margin was
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SOURCE China Nepstar Chain Drugstore Ltd.
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