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China Nepstar Chain Drugstore Reports Third Quarter 2011 Financial Results
Date:11/28/2011

d the headwind of the general operational environment. During the quarter, we have established a stringent model to track and evaluate store productivity. While we have increased same store sales, we also scaled back non-performing stores, as operating costs have been steadily rising."

Third Quarter ResultsDuring the third quarter of 2011, the Company opened 10 new stores and closed 63 stores. As of September 30, 2011, Nepstar had a total of 2,458 stores in operation.

Revenue for the quarter increased 1.9% to RMB608.6 million (US$95.4 million), compared to revenue of RMB597.0 million for the same period in 2010. Increased sales of newly introduced convenience products continued to offset the negative impact on drug sales from ongoing healthcare reform that has led to price cuts and the diversion of patients from drugstores.

Third quarter revenue contribution from prescription drugs was 20.7%, OTC drugs was 34.9%, nutritional supplements was 18.2%, traditional Chinese herbal products was 3.9% and convenience and other products was 22.3%. During the third quarter of 2011, the Company introduced 45 new stock keeping units (SKUs) within the convenience products category.

Same store sales (for 2,179 stores opened before December 31, 2009) for the third quarter of 2011 increased by 6.5% compared to the same period in 2010. This growth was mainly attributable to increased sales of convenience products and other new non-pharmaceutical products introduced since the second half of 2010.

Nepstar's portfolio of private label products included 1,856 products as of September 30, 2011. Sales of private label products represented approximately 30.9% of revenue and 43.2% of gross profit for the third quarter of 2011.

Third quarter gross profit was RMB289.3 million (US$45.4 million), compared to RMB297.4 million in the same period of 2010. Gross profit margin in the third quarter of 2011 was 47.5%, compared to 49.8% in the same perio
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SOURCE China Nepstar Chain Drugstore Ltd.
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