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China Nepstar Chain Drugstore Reports Second Quarter 2011 Financial Results
Date:8/23/2011

1, Nepstar had a total of 2,511 stores in operation.

Revenue for the quarter increased by 7.3% to RMB606.6 million (US$93.8 million), compared to revenue of RMB565.2 million for the same period in 2010. Increase in sales of non-pharmaceutical products continued to reduce the negative impact on drug sales from ongoing healthcare reform that has led to price cuts and the diversion of patients from drugstores.

Second quarter revenue contribution from prescription drugs was 19.1%, OTC drugs was 35.2%, nutritional supplements was 19.1%, traditional Chinese herbal products was 3.8% and convenience and other products was 22.8%.

Same store sales (for 2,239 stores opened before December 31, 2009) for the second quarter of 2011 increased by 9.8% compared to the same period in 2010. This growth was mainly attributable to increased sales of non-pharmaceutical products.  

Nepstar's portfolio of private label products included 1,818 products as of June 30, 2011. Sales of private label products represented approximately 31.3% of revenue and 42.3% of gross profit for the second quarter of 2011. The Company continued to make efforts to provide high-quality yet reasonably-priced private label products in the convenience products category. In the second quarter, private label products' contribution to sales of the convenience products category reached 27.2%, helping maintain a reasonably favorable gross profit margin level on sales of convenience products.

Second quarter gross profit was RMB289.9 million (US$44.9 million), compared to RMB283.2 million in the same period of 2010. Gross margin in the second quarter of 2011 was 47.8%, compared to 50.1% in the second quarter of 2010 and 47.7% in the first quarter of 2011. The decrease in gross margin year over year was mainly due to mandatory price cuts on pharmaceuticals and changes in revenue mix as the Company introduced more convenience products with a lower gross margin.

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SOURCE China Nepstar Chain Drugstore Ltd.
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