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

was RMB0.4 million (US$0.07million).

Fiscal Year 2010 Financial Results Total revenue for 2010 increased to RMB2,357 million (US$357 million), an increase of 6.3% compared to RMB2,218 million for 2009.

Same store sales (for stores opened before December 31, 2008) for 2010 increased by 2% compared to 2009. Since the second quarter of 2010, Nepstar underwent a strategic transition to expand offerings of convenience products. By introducing convenience products such as beverages, health food, household consumables, and personal care products, Nepstar aims to transform traditional drugstores into neighborhood drugstores with one-stop convenience for many day-to-day needs.

In 2010, revenue contribution from prescription drugs was 21.4%, OTC drugs was 36.8%, nutritional supplements was 19.2%, herbal products was 3.7%, and other products was 18.9%.

In 2010, private label products accounted for 29.4% of total revenue and 41.1% of gross profit, respectively, compared to 29.0% of revenue contribution and 43.3% of gross profit contribution in 2009.

Gross profit was RMB1,164 million (US$176 million) for 2010 compared to RMB1,074 million for 2009. In 2010, gross margin was 49.4% compared to 48.4% in 2009. The increase in gross margin for 2010 compared to 2009 was mainly due to changes in product mix and the effort of providing more high-quality yet reasonably-priced private label products.

Total operating expenses accounted for 48.5% of total revenue in 2010 as compared to 43.5% in 2009. This increase was largely due to a non-recurring penalty of RMB26 million by State Administration of Foreign Exchange ("SAFE") in second quarter of 2010, an overall wage rise related to the mandatory minimum wage increases, and higher rental costs in the inflationary property-for-rent market. As a result, income from operations was RMB21 million (US$3 million) for 2010 compared to RMB110 million for 2009.

Net income attributable to Nepstar
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SOURCE China Nepstar Chain Drugstore Ltd.
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