China Nepstar reports profit slightly up in Q3

Shenzhen, China China Nepstar Chain Drugstore, the largest retail drugstore chain in China based on the number of directly operated stores, reported Tuesday that profits for the third quarter ended Sept. 30 edged up to RMB37 million (US$5 million) from RMB36 million in the year-ago period.

Revenue increased 8.0% to RMB556 million (US$81 million), compared with RMB515 million in third quarter 2008. Same-store sales increased 3.8% from the same period in 2008.

During third quarter 2009, the company opened 47 new stores and closed 22 stores. As of Sept. 30, Nepstar had a total of 2,337 stores in operation.

In July 2009, Nepstar acquired five drug stores in Beijing from Beijing Ze Run Tang Drugstore, representing Nepstar's first retail presence in Beijing. In October 2009, Nepstar agreed to acquire eight drug stores in Wenzhou City from Wenzhou Ren Ren Hao Chain Drugstore, representing a debut into the market.