Market Overview

China Jo-Jo Drugstores Reports Fiscal Year 2018 Financial Results

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China Jo-Jo Drugstores Reports Fiscal Year 2018 Financial Results

PR Newswire

HANGZHOU, China, June 29, 2018 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ:CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a healthcare provider in China, today announced its financial results for the fiscal year ended March 31, 2018.

Mr. Lei Liu, Chief Executive Officer and Chairman of Jo-Jo Drugstores, Inc., commented, "Fiscal year 2018 has been an important transition year for China Jo-Jo Drugstores with revenues increased by 17.9% year-over-year to $96.11 million. We expanded our retail business, opening 55 new retail drugstores in key locations, and continued to improve services in our existing stores. While our e-commerce business continued its transition following the suspension of OTC drug sales on e-commerce platforms in fiscal year 2017, in the third and fourth quarters of fiscal 2018, our online pharmacy results began to stabilize as we optimized our product range."

Mr. Liu continued, "We expect our efforts to focus on product selection and price negotiation with suppliers to increase our sales profit margin. Our e-commerce segment will continue its evolution following our initiatives to cooperate with commercial insurance companies, such as the People's Insurance Company of China, and other active strategies. We look forward to executing our business objectives and we believe that there is still plenty of room for us to continue to grow at a rapid rate in the foreseeable future."

Fiscal Year 2018 Financial Highlights



For the Fiscal Year Ended March 31,

($ millions, except per share data)


2018


2017


 Change

Revenues


96.11


81.50


17.9%

      Retail drugstores


61.98


51.79


19.7%

      Online pharmacy


12.13


15.39


(21.2%)

      Wholesale


22.00


14.32


53.6%

Gross profit


20.13


16.63


21.0%

Gross margin


20.9%


20.4%


0.5 pp*

Loss from operations


(18.02)


(6.10)


195.5%

Net loss attributable to Jo-Jo Drugstores


(17.06)


(5.64)


202.3%

Loss per share


(0.68)


(0.28)


141.4%


*Notes: pp represents percentage points

 

  • Revenues increased by 17.9% to $96.11 million for the fiscal year ended March 31, 2018 from $81.50 million for the last fiscal year, mainly due to the increase in retail drugstores and wholesale business, partially offset by the decrease in online pharmacy business.
  • Gross profit increased by 21.0% to $20.13 million for the fiscal year ended March 31, 2018 from $16.63 million for the last fiscal year. Gross margin increased by 0.5 percentage points to 20.9% from 20.4% for the last fiscal year.

Fiscal Year ended March 31, 2018 Financial Results

Revenue

Revenue for the fiscal year ended March 31, 2018 increased by $14.61 million, or 17.9%, to $96.11 million from $81.50 million for the last fiscal year. The increase in revenue was primarily due to the increase in retail drugstores and wholesale business, partially offset by the decrease in online pharmacy business.



For the Fiscal Year Ended March 31,



2018


2017

($ millions)


Revenues


Cost of
Goods


Gross
Margin


Revenues


Cost of
Goods


Gross
Margin


Retail drugstores


61.98


45.92


25.9%


51.79


38.09


26.5%


Online pharmacy


12.13


10.86


10.5%


15.39


13.83


10.1%


Wholesale


22.00


19.21


12.7%


14.32


12.95


9.6%


Total


96.11


75.99


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