Business
China Jo-Jo Drugstores Reports Fiscal Year 2023 Financial Results
HANGZHOU, China, June 15, 2023 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline
About this update from Ridgetech, Inc.
[{"type":"text","content":"HANGZHOU, China, June 15, 2023 /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, 2023.\nMr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, \"During the past fiscal year, we continued to provide high-quality services and products to our customers despite the challenging and uncertain market environment. I would like to thank our entire team for their collective efforts and dedication. In the new fiscal year, we are focusing on implementing strategic expansion initiatives to drive our growth including optimizing distribution channels, attracting new customers and enhancing our brand recognition. To further complement our expansion, the continued innovation of our business model and digital transformation remains at the forefront of our business. In addition, we expect to improve our operational efficiency and manage our costs effectively. We remain dedicated to our commitment to creating value for our customers by enriching our product portfolio and providing healthcare services to meet their evolving demand. We believe our concrete advantages in offering diversified product selections, delivering additional value to customers and extending sales network are powerful catalysts for a formidable presence in the healthcare market in the future. We are confident that Jo-Jo Drugstores will keep making a positive impact in China's healthcare market and the communities we serve. We are looking forward to another fruitful fiscal year and we will keep making efforts in generating more value for our shareholders.\"\nFiscal Year 2023 Financial Highlights\nFor the Year Ended March 31,\n($ millions, except per share data)\n2023\n2022\n% Change\nRevenue\n148.81\n164.39\n(9.5) %\n Retail drugstores\n83.35\n84.23\n(1.0) %\n Online pharmacy\n32.39\n30.22\n7.2 %\n Wholesale\n33.07\n49.94\n(33.8) %\nGross profit\n34.28\n36.52\n(6.1) %\nGross margin\n23.0 %\n22.2 %\n0.8pp \nLoss from operations\n(20.93)\n(2.69)\n-676.8 %\nNet loss\n(21.14)\n(3.20)\n-560.9 %\nLoss per share\n(2.07)\n(0.92)\n-125.0 %\n*Notes: pp represents percentage points\nRevenue was $148.81 million for the...