QKL Stores, a leading regional supermarket chain in Northeastern China, today announced its financial results for the fourth quarter and full year ended December 31, 2011.
Revenue in the fourth quarter of 2011 increased 20.9 percent to $103.7 million, compared to $85.8 million reported in the fourth quarter of 2010.
Gross profit increased 9.1 percent year-over-year to $16.8 million, compared to gross profit of $15.4 million in the fourth quarter of last year. Gross profit as a percentage of revenue for the fourth quarter of 2011 was 16.2 percent, compared to 18.0 percent for the fourth quarter of 2010.
QKL reported a fourth quarter 2011 net loss of approximately $18.3 million, or $(0.60) per diluted share, compared with net income of $2.4 million, or $0.06 per diluted share, for the same period in 2010.
As of December 31, 2011, the company had $9.0 million in unrestricted cash and $11.0 million in short term bank loans, compared to $17.5 million as of December 31, 2010, and no debt or bank loans.
During the fourth quarter, QKL opened one new store in Daqing City, Heilongjiang province, adding to the 14 new stores in 2011, and bringing the company's total store count to 54 locations comprised of 34 supermarkets, 16 hypermarkets and four department stores. In the fourth quarter QKL also opened a distribution center in the Liaoning province and now has three distribution centers located in the Heilongjiang and Liaoning provinces to support its stores.
For full-year 2011, QKL reported net sales of $370.5 million, a 24.2 percent increase compared to net sales of $298.4 million reported for fiscal 2010.
Full-year gross profit increased 20.4 percent to $63.7 million, or 17.2 percent of net sales, in fiscal 2011 from $52.9 million, or 17.7 percent of net sales, in fiscal 2010.
Net loss in fiscal 2011 was $16.6 million compared with net income of $17.4 million in fiscal 2010.
For more information visit www.qklstoresinc.com
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