Business
China Jo-Jo Drugstores Reports Second Quarter 2021 Financial Results
HANGZHOU, China, Nov. 13, 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, Nov. 13, 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 second fiscal quarter ended September 30, 2020.\nMr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, \"We are pleased with our second quarter performance as we delivered another quarter of strong results. Our revenue and gross profit recorded $30.84 million and $7.01 million for the second fiscal quarter of 2021, up 8.8% and 4.8% compared to same period of fiscal year 2020. Revenue year-over-year from online pharmacy increased by 127.4%. We have always been deeply committed to our communities, and we have taken necessary measures to protect the safety and health of our customers and employees during the global COVID-19 pandemic while making solid progress on our transformation strategy of 'Medical Linkage & Technology Empowerment'. The environment surrounding COVID-19 is accelerating our transformation, giving us new opportunities to demonstrate our capabilities and gain retail market share in China. We are building a strong foundation for sustainable growth and setting the platform to engage with consumers, and we are remaining focused on creating value for all our stakeholders.\" \nSecond Quarter of Fiscal 2021 Financial Highlights\nFor the Three Months Ended September 30,\n($ millions, except per share data)\n2020\n2019\n% Change\nRevenue\n30.84\n28.35\n8.8%\n Retail drugstores\n17.93\n18.00\n-0.4%\n Online pharmacy\n5.35\n2.35\n127.4%\n Wholesale\n7.56\n8.00\n-5.5%\nGross profit\n7.01\n6.69\n4.8%\nGross margin\n22.7%\n23.6%\n-0.9 pp*\nLoss from operations\n(1.52)\n(1.62)\n5.7%\nNet loss\n(1.53)\n(1.35)\n-13.4%\nLoss per share\n(0.04)\n(0.04)\n-%\n*Notes: pp represents percentage points\nRevenue increased by 8.8% to $30.84 million for the three months ended September 30, 2020 from $28.35 million for the same period of last year. Gross profit increased by 4.8% to $7.01 million for the three months ended September 30, 2020 from $6.69 million for the same period of last year. Gross margin decreased slightly by 0.9 percentage points to 22.7% for the three months ended September 20, 2020 from 23.6% for t...