Economic summit impacts China Jo-Jo Drugstores

While revenue eased 1.8 per cent, gross profit edged up 2.4 per cent for the first fiscal quarter for China Jo-Jo Drugstores.

Revenue for the three months to June 30 was $20.9 million compared to $21.3 million for the same period last year, while gross profit was $4.5 million.

“Our results for the first quarter were temporarily impacted by lower pharmacy traffic because of preparation for the G20 summit in Hangzhou,” says chairman/CEO Liu Lei.

The company continues to launch in-pharmacy virtual doctor clinics, provide access to mobile payment and implement other strategies to promote same-store growth. Its pharmacy store count increased to 61 as of June 30, compared to 59 stores a year ago.

Online pharmacy sales for the quarter were $5.1 million compared to $6 million in the same quarter a year ago, down 15 per cent.

China Jo-Jo Drugstores offers retail, wholesale and online distribution of pharmaceutical and healthcare products.

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