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China Nepstar Chain Drugstore Reports Third Quarter 2013 Financial Results
Date:11/26/2013

opened before December 31, 2011 and still operating) for the third quarter of 2013 increased by 10.5% compared with the same period in 2012. The increase in same store sales was primarily due to promotional initiatives aimed at increasing store traffic.

Third quarter revenue contribution by product category was 23.1% from prescription drugs; 38.2% from over-the-counter ("OTC") drugs; 15.0% from nutritional supplements; 3.9% from herbal products; and 19.8% from convenience and other products.

Third quarter gross profit was RMB289.6 million (US$47.3 million), a slight decrease from RMB293.0 million for the same period in 2012. Gross margin in the third quarter of 2013 was 42.4% compared with 46.2% for the same period of 2012. This decrease in gross margin was primarily the result of a more proactive marketing strategy on certain pharmaceutical products, nutritional supplements and convenience and other products.

The Company's portfolio of private label products increased to 2,103 types of products as of September 30, 2013. Sales of private label products represented approximately 24.4% of the Company's revenue and 33.4% of gross profit for the third quarter of 2013.

Sales, marketing and other operating expenses, as a percentage of revenue, in the third quarter of 2013, decreased to 38.3% from 40.1% in the same period of 2012. This decrease was primarily due to growth in same store sales and closure of underperforming stores.  

General and administrative expenses as a percentage of revenue in the third quarter was 5.2%, compared with 5.0% for the same period in 2012. This increase was mainly due to RMB5.7 million (US$0.9 million) penalty imposed by Price Bureau of Yuexiu District in Guangzhou City of Guangdong Province on our subsidiary Guangzhou Nepstar for noncompliance with certain local government-guided pricing policies.

During the third quarter, the company recognized an impairment los
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SOURCE China Nepstar Chain Drugstore Ltd.
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