Business
China Jo-Jo Drugstores Reports Fiscal Year 2020 Financial Results
HANGZHOU, China, July 10, 2020 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline
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[{"type":"text","content":"HANGZHOU, China, July 10, 2020 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (\"Jo-Jo Drugstores\" or the \"Company\"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products and healthcare provider in China, today announced its financial results for the fiscal year ended March 31, 2020.\nMr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, \"We are pleased to present our financial results for our 2020 fiscal year. Our revenue records $117.33 million for the fiscal year of 2020, up 9.1% compared to $107.55 million for the previous fiscal year. Revenue from retail drugstores, online pharmacy, and wholesale segments increased by 2.4%, 54.1% and 12.4% respectively, demonstrating our ability to realize the potential of our business model. When facing the pandemic of COVID-19, we are uniquely positioned to understand consumer and market needs and how to address them. We will continue monitoring the latest developments and taking appropriate measures to combat the COVID-19 pandemic and provide supports to our customers and the society. Looking forward, we are confident that we are on the right track to deliver significant value to all our investors and shareholders as we have a leading consumer brand in China with a diversified portfolio of essential health care businesses and we will continue to endeavor to provide the best experience to our customers.\"\nFiscal Year 2020 Financial Highlights\nFor the Year Ended March 31,\n($ millions, except per share data)\n2020\n2019\n% Change\nRevenue\n117.33\n107.55\n9.1%\n Retail drugstores\n74.08\n72.33\n2.4%\n Online pharmacy\n13.54\n8.78\n54.1%\n Wholesale\n29.71\n26.43\n12.4%\nGross profit\n25.53\n25.11\n1.7%\nGross margin\n21.8%\n23.3%\n-1.5 pp*\nLoss from operations\n(7.00)\n(0.88)\n-699.4%\nNet loss\n(6.46)\n(1.32)\n-390.0%\nLoss per share\n(0.18)\n(0.03)\n-500.0%\n*Notes: pp represents percentage points\nRevenue increased by 9.1% to $117.33 million for the fiscal year ended March 31, 2020 from $107.55 million for the prior fiscal year. Gross profit increased by 1.7% to $25.53 million for the fiscal year ended March 31, 2020 from $25.11 million for the prior fiscal year. Gross margin decreased by 1.5 percentage points to 21.8% for the fiscal year ended March 31, 2020 from 23.3% for the prior fiscal year. Net los...