s*********m
发帖数: 2043 | 1 怎么divident那么高?
中国的药店连锁，这个股票怎么样? | y***q
发帖数: 4147 | | e*n
发帖数: 1511 | 3 需要把这个读一遍。
China Nepstar Chain Drugstore Reports First Quarter 2010 Financial Results
- Same Store Sales Growth 6.9% -
SHENZHEN, China, May 18 /PRNewswire-Asia-FirstCall/ -- China Nepstar Chain
Drugstore Ltd. (NYSE: NPD) ("Nepstar" or "the Company"), the largest
drugstore chain in China in terms of the number of directly operated stores,
with 2,559 directly operated stores in operation as of March 31, 2010,
today announced its unaudited financial results for the first quarter ended
March 31, 2010.
Financial Highlights
For the quarter ended March 31, 2010:
-- Revenue was RMB567 million (US$83 million), reflecting a 12.1%
increase
compared to revenue of RMB506 million in the first quarter of 2009
-- Same store sales increased by 6.9%
-- Net income was RMB2.6 million (US$0.4 million)
-- Net cash flow from operations was RMB35 million (US$5 million)
Mr. Ian Wade, Chief Executive Officer of Nepstar, commented, "Despite the
unfavorable pressure brought by the various pricing ceiling policies on some
of our products, we continue to achieve solid same store sales growth as
our product mix offerings and promotion programs remain attractive to our
customers."
"After a difficult 2008, we decided to reward our employees through a one-
time bonus for their outstanding performance in 2009. We also provided an
overall salary increase to our employees at both store level and corporate
level to maintain our competitiveness in retaining our most critical asset -
- our people. In the meantime, we have accelerated new store openings in Q4,
2009 and Q1, 2010, which has resulted in higher operating expenses. These
measures inevitably impacted the first quarter results but we believe we
ought to run the business with a longer term perspective."
First Quarter Results
Revenue for the quarter ended March 31, 2010 was RMB567 million (US$83
million), 12.1% higher than revenue for the first quarter of 2009 of RMB506
million.
First quarter revenue contribution from prescription drugs was 24.8%, over-
the-counter ("OTC") drugs was 36.7%, nutritional supplements was 17.9%,
traditional Chinese herbal products was 3.7% and other products was 16.9%.
Same store sales (for 2,217 stores opened before December 31, 2008) for the
first quarter of 2010 increased by 6.9% as compared to the same period in
2009. The increase was mainly attributable to effective marketing campaigns,
optimization of product offerings, and the stronger economic environment in
China.
Nepstar's portfolio of private label products included 1,559 products as of
March 31, 2010. Sales of private label products represented approximately 26
.6% of revenue and 39.8% of gross profit for the first quarter of 2010.
Gross profit was RMB272 million (US$40 million) for the first quarter of
2010, as compared to RMB244 million for the first quarter of 2009. Gross
margin for the first quarter of 2010 was 48.0%, as compared to 48.2% for the
same period in 2009. The decrease in gross margin was largely due to
decrease in the price of products included in the national and provincial
medical insurance catalogs or in the national essential drug list.
Sales, marketing and other operating expenses as a percentage of revenue for
the first quarter of 2010 increased to 42.9% compared to 41.0% for the
first quarter of 2009. The increase was primarily due to the one-time
corporate-wide bonus that was accounted for in the first quarter of 2010 and
general salary increase for store employees. The increase was also
partially attributable to the opening of 156 new stores in the fourth
quarter of 2009 and 104 new stores in the first quarter of 2010 which
increased operating expenses. Increasing rental costs also contributed to
the increase in sales, marketing and other operating expenses. For stores
opened before December 31, 2008 and still in operation, total rental costs
increased by 4% in the first quarter of 2010 as compared to the same period
in 2009.
General and administrative expenses as a percentage of revenue for the first
quarter of 2010 was 5.8% compared to 4.6% for the first quarter of 2009.
The increase was primarily due to the one-time corporate-wide bonus
accounted for in the first quarter of 2010, share based compensation granted
to employees in the first quarter and general salary increase for corporate
administrative employees.
Total bonus accounted for in the first quarter of 2010 amounted to RMB6
million (US$0.9 million).
As a result, operating loss for the first quarter of 2010 was RMB4 million (
US$0.6 million) compared to operating income of RMB13 million for the first
quarter of 2009.
During the first quarter of 2010, net interest income (interest income net
of interest expense) was RMB7 million (US$1 million) and other investment
income was RMB5 million (US$0.7 million), compared to net interest income of
RMB24 million and other investment income of RMB5 million in 2009. The
decrease in net interest income was mainly due to (i) the maturity of all
held-to-maturity investment securities which had been earning higher
interest income (ii) a general decrease of interest rates for short-term
bank deposits; and (iii) lower cash balances as a result of the dividend
payments in 2009.
Nepstar's effective tax rate was 66.8% for the first quarter of 2010,
compared to 26.5% for the same period in 2009. The increase in effective tax
rate was primarily due to the varying profitability among subsidiary
companies for the first quarter of 2010, an increase in the deferred tax
asset valuation allowance for tax loss carry forwards, the benefits of which
the Company currently does not expect to be realizable and the increase in
transitional tax rate from 20% in 2009 to 22% in 2010 for subsidiaries in
Shenzhen.
Net income in the first quarter 2010 was RMB2.6 million (US$0.4 million), or
RMB0.02 basic earnings per American depositary share (the "ADS"), and RMB0.
02 diluted earnings per ADS. This compares to net income of RMB30 million,
or RMB0.30 basic and RMB0.28 diluted earnings per ADS, for the first quarter
of 2009. The total number of outstanding ordinary shares for the Company as
of March 31, 2010 was 211 million. The weighted average number of ADSs for
the first quarter of 2010 was 105 million. One ADS represents two ordinary
shares.
As of March 31, 2010, the Company's total cash, cash equivalents and current
bank deposits were RMB1,142 million (US$167 million), long term bank
deposits were RMB200 million (US$29 million) and total shareholders' equity
was RMB1,588 million (US$233 million).
On March 3, 2010, the Company announced that the Board of Directors declared
a cash dividend of US$0.28 per ADS. The cash dividend was paid during the
first half of May 2010 to shareholders of record as of the close of business
on April 2, 2010.
First Quarter Operating Highlights
In the first quarter of 2010, Nepstar added 104 new stores and closed 24
stores. As of March 31, 2010, Nepstar had a total of 2,559 stores in
operation.
Nepstar has initiated strategic collaboration with certain world-leading
fast moving consumer goods companies to design and remodel a new type of
health and beauty concept store for the Company. Such concept stores will
allocate half of the display space of a Nepstar store to health and beauty
products while maintaining the core product offerings of a conventional
Nepstar store. Such concept stores will also have more modern interior decor
and is aimed to attract a broader base of customers.
In addition, since the fourth quarter of 2009, Nepstar has introduced
approximately 70 new Stock Keeping Units ("SKUs") of consumables and organic
food products as of March 31, 2010. These new products are now sold through
half of the Company's stores and contributed RMB7 million to the Company's
revenue in the first quarter of 2010.
Business Outlook
Mr. Wade commented, "We remain cautious about the pressure on our operating
expense for the remaining quarters of the year as various provincial
governments are issuing minimum wage policies, which are affecting our labor
costs. Also, we expect continued pressure as to store rental costs."
"Such cost pressure is calling for us to focus even more on the productivity
of the stores. We expect the gross margin to improve in the second quarter
as we continue optimizing our product offerings between products that are
subject to price ceiling and products that are not so as to strike the
proper balance between maintaining the breadth of our product offerings and
the overall gross margin. We are also expanding our product offerings in
health and beauty as well as organic food categories at a much quicker pace
to attract customers and to become less reliant on pharmaceutical products.
We continue to focus on growing same store sales along with strengthening
customer relationships."
"We remain hopeful that the recent pricing policy by the Chinese government
will shake out a number of small competitors who have already been suffering
loss in the past few quarters."
Conference Call Information
The Company will host a conference call, to be simultaneously Web cast, on
Tuesday, May 18, 2010 at 8:00 a.m. Eastern Daylight Time / 8:00 p.m. Beijing
Time. Interested parties may participate in the conference call by dialing
+1-877-407-8033 (North America) or +1-201-689- 8033 (International)
approximately five to ten minutes before the call start time. A live Web
cast of the conference call will be available on the Nepstar Web site at http://www.nepstar.cn .
A replay of the call will be available starting on May 18, 2010, at 11:00 a.
m. Eastern Daylight Time or 11:00 p.m. Beijing Time through May 28, 2010 at
11:59 p.m. Eastern Daylight Time or May 29, 2010 at 11:59 a.m. Beijing Time.
An archived Web cast of the conference call will be available on the
Nepstar Web site at http://www.nepstar.cn . Interested parties may access the replay by dialing +1-877-660-6853 (North America) or + 1-201-612-7415 (International) and entering account number 286 and conference ID number 349559.
About China Nepstar Chain Drugstore Ltd.
China Nepstar Chain Drugstore Ltd. (NYSE: NPD) is China's largest retail
drugstore chain based on the number of directly operated stores. As of March
31, 2010, the Company had 2,559 stores across 74 cities, one headquarter
distribution center and 13 regional distribution centers in China. Nepstar
uses directly operated stores, centralized procurement and a network of
distribution centers to provide its customers with high-quality,
professional and convenient pharmacy services and a wide variety of other
merchandise, including OTC drugs, nutritional supplements, herbal products,
personal care products, family care products, and convenience products
including consumables. Nepstar's strategy of centralized procurement,
competitive pricing, customer loyalty programs and private label offerings
has enabled it to capitalize on the robust economic growth in China and to
take advantage of the demographic trend in China to achieve a strong brand
and leading market position. For further information, please go to http://www.nepstar.cn .
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects," "
anticipates," "future," "intends," "plans," "believes," "estimates" and
similar statements. Among other things, the quotations from management in
this press release and the Company's strategic operational plans and
business outlook, contain forward-looking statements. Such statements
involve certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. Further
information regarding these and other risks is included in the Company's
filings with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. The Company does not undertake any obligation to
update any forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
Exchange Rate Information
The United States dollar (US$) amounts disclosed in this press release are
presented solely for the convenience of the reader. Translations of amounts
from RMB into United States dollars for the convenience of the reader were
calculated at the certified exchange rate of US$1.00 = RMB6.8258 on March 31
, 2010 as set forth in the H.10 weekly statistical release of the Federal
Reserve Board. No representation is made that the RMB amounts could have
been, or could be, converted into US$ at that rate on March 31, 2010, or at
any other date. The percentages stated are calculated based on RMB amounts.
【在 s*********m 的大作中提到】
: 怎么divident那么高?
: 中国的药店连锁，这个股票怎么样?
| e*n
发帖数: 1511 | 4 总体感觉这个药店版块给投资者的想象空间不高，股价成长性和爆发性一直都不咋样。
但是确实是稳妥投资。周期估计要半年到一年才能翻倍的类型。
短线说，感觉上是对ER的over react，大市好应该能回归他的价值。
【在 s*********m 的大作中提到】
: 怎么divident那么高?
: 中国的药店连锁，这个股票怎么样?
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