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QKL Stores records year-end sales increases


Daqing, China Chinese supermarket and hypermarket retailer QKL Stores reported late Thursday its fiscal year-end 2009 results, which showed a rise in revenues of 55%. Profits for the year ended Dec. 31 were negatively impacted by a one-time charge.

The regional supermarket chain in Northeastern China reported a loss of $24.6 million, which included a one-time non-cash charge in 2009 of $35.5 million.

Comp-store sales rose 5.9%.

The company opened six new stores in 2009, currently operating 36 supermarkets and two department stores. It plans to open 20 new stores in 2010.

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