Business
China Jo-Jo Drugstores Reports Fiscal Year 2024 Financial Results
HANGZHOU, China, July 30, 2024 /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, July 30, 2024 /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, 2024.\n\nMr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, \"We are pleased to present our financial performance for fiscal year 2024, which reflects our commitment to maintaining a resilient business model in a dynamic market. We achieved a significant 42.1% revenue growth in our wholesale business, a result of our dedicated efforts in targeting wholesale buyers with competitively priced product offerings, and leveraging modern wholesale platforms to boost sales. We believe this strategy will benefit us for long-term and sustainable growth. Our dedication to high-quality services and products remains strong. By adopting agile product and pricing strategies, we have successfully navigated a competitive landscape in China's healthcare market. Looking ahead, we will keep strengthening our competitive advantages to differentiate our business and deliver outstanding results. We plan to actively seek as great growth potential opportunities as possible to strengthen our business, improve our customer experience, and expand our product portfolio to meet evolving customer needs. We will also continue to seize opportunities to facilitate market expansion and remain focused on gaining efficiencies and controlling costs to achieve the accelerated growth. We are deeply committed to contributing to China's healthcare market and communities we support, and we will continue to create greater value for our shareholders, ensuring that our contributions benefit all our shareholders.\"\nFiscal Year 2024 Financial Highlights\nFor the Year Ended March 31,\n($ millions, except per share data)\n2024\n2023\n% Change \nRevenue\n154.54\n148.81\n3.8 %\n Retail drugstores\n75.68\n83.35\n(9.2) %\n Online pharmacy\n31.86\n32.38\n(1.6) %\n Wholesale\n47.00\n33.08\n42.1 %\nGross profit\n31.11\n34.28\n(9.3) %\nGross margin\n20.1 %\n23.0 %\n(2.9)pp\nLoss from operations\n(3.53)\n(20.93)\n83.1 %\nNet loss\n(4.23)\n(21.14)\n80.0 %\nLoss per share\n(2.93)\n(41.46)\n92.9 %\n*Notes: pp represents percentage poi...