Business
China Jo-Jo Drugstores Reports Third Quarter 2020 Financial Results
HANGZHOU, China, Feb. 14, 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, Feb. 14, 2020 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (\"Jo-Jo Drugstores\" or the \"Company\"), a leading online and offline retailer and wholesale distributor of pharmaceutical and other healthcare products and a provider of healthcare services in China, today announced its financial results for the third fiscal quarter ended December 31, 2019.\nMr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, \"We delivered outstanding financial results for the third quarter of 2020, with revenue recording $33.36 million, up 7.9% compared to the same period of last year. Benefiting from the growth in retail drugstores and online pharmacy businesses as well as our strong competitive position in the industry, all of our core businesses performed in line with our expectation. Looking forward, amidst the outbreak of 2019 Novel Coronavirus, we are striving to optimize our inventory and operational execution with effective distribution channels to meet the strong domestic demand of pharmaceutical and other healthcare products as well as healthcare services. We are confident that our professional team is able to deliver compelling value to our customers and the communities we serve. We will continue to focus on successful execution of our long-term growth strategies to unleash the full potential of our consumer-centric healthcare business model and create value for all shareholders.\" \nThird Quarter of Fiscal 2020 Financial Highlights\nFor the Three Months Ended December 31,\n($ millions, except per share data)\n2019\n2018\n% Change\nRevenue\n33.36\n30.92\n7.9%\n Retail drugstores\n21.58\n20.87\n3.4%\n Online pharmacy\n3.96\n2.49\n59.0%\n Wholesale\n7.82\n7.56\n3.5%\nGross profit\n7.28\n7.14\n2.1%\nGross margin\n21.8%\n23.1%\n-1.3 pp*\nIncome (Loss) from operations\n0.55\n(2.13)\nNM\nNet income (loss)\n0.46\n(2.21)\nNM\nEarnings (loss) per share\n0.02\n(0.06)\nNM\n*Notes: pp represents percentage points\nRevenue increased by 7.9% to $33.36 million for the three months ended December 31, 2019 from $30.92 million for the same period of last year. Gross profit increased by 2.1% to $7.28 million for the three months ended December 31, 2019 from $7.14 million for the same period of last year. Gross margin decreased by 1.3 percentage points to 21.8% from 23.1% for the same period of last year. Net income ...