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China Nepstar Chain Drugstore Reports Fourth Quarter and Fiscal Year 2012 Financial Results
Date:3/28/2013

, Chief Executive Officer, commented, "As anticipated, we closed out 2012 with a solid performance in the fourth quarter, highlighted by double digit same store sales growth. Seasonal demand, our continued efforts to further diversify and optimize our product mix and our strengthening marketing efforts all contributed to our top line growth in the fourth quarter, while our focus on store performance helped increase the number of transactions per store. We continue to see opportunities in the over-the-counter ("OTC") drugs and convenience product categories. Cost control measures are starting to reduce our operating expenses and with continued improvements in same store performance and the efforts of our management team, we are expecting a better performance in 2013."

Fourth Quarter ResultsDuring the fourth quarter of 2012, the Company opened 22 new stores and closed 81 stores.  

Revenue for the fourth quarter of 2012 increased by 2.1% to RMB671.9 million (US$107.8 million), compared to RMB658.0 million for the same period in 2011. Same store sales (for 2,009 stores opened before December 31, 2010) for the fourth quarter of 2012 increased by 11.6% compared to the same period in 2011. The increase in same store sales was mainly due to the closure of underperforming stores and management's efforts in promotion also contributed to the increase.

Fourth quarter revenue contribution from prescription drugs was 21.6%, OTC drugs was 40.1%, nutritional supplements was 13.3%, herbal products was 4.3% and convenience and other products was 20.7%.

Fourth quarter gross profit was RMB308.6 million (US$49.5 million), compared to RMB314.6 million in the same period of 2011. Gross margin in the fourth quarter of 2012 was 45.9%, compared to 47.8% in the same period of 2011. The decrease in gross margin was mainly due to mandatory price cuts on certain pharmaceuticals by Chinese government and changes in product
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SOURCE China Nepstar Chain Drugstore Ltd.
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