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Report for: QKL Stores
QKL Stores Inc. Announces Fourth Quarter and Full Year 2015 Financial Results
DAQING, China, April 14, 2016 /PRNewswire/ — QKL Stores Inc. (the “Company”) (Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China and Inner Mongolia, today announced its financial results for the fourth quarter and full year financial results ended December 31, 2015.
Mr. Zhuangyi Wang, Chairman and CEO, said, “As QKL expands its market presence in northeast China, we are uniquely positioned against our local competitors through our large product offering, strong supplier relationships, efficient distribution network and state-of-the-art IT system. We are comfortable with our opportunities in 2015 and believe we’ll see an improvement in operating expenses and profit growth in coming quarters.
“In 2015, we closed three stores; as of December 31, 2015, we operated 25 supermarkets, 16 hypermarkets, 4 department stores and 5 distribution centers situated in Daqing, Harbin Changchun and Jiamusi, respectively.
“As we advance into 2015, we expect to open one new supermarket this year. We maintain confidence in our strategy of strengthening our store presence in Tier 4 and 5 cities in northeastern China as well as in our core region of operation around Daqing where the majority of our older stores are based.”
Fourth Quarter 2015 Financial Results
Revenue in the fourth quarter of 2015 decreased by 17.7% to $62.4 million from $75.8 million in the fourth quarter of 2014. Comparable stores are stores that were opened for at least one year before the beginning of the comparison period, or by October 1, 2014. Those 40 stores generated approximately $55.0 million in sales in the fourth quarter of 2015, representing a decrease of $10.1 million, or 15.6% compared with $65.1 million in sales in fiscal 2014. New store sales increased, reflecting the opening of 5 new stores since October 1, 2014. These stores generated approximately $7.4 million in sales in the fiscal 2015.
Gross profit decreased by 17.3% year over year to $10.5 million, compared to $12.7 million in the prior year period. Gross profit as a percentage of revenue for the fourth quarter of 2015 was 16.9%, compared to 16.8% for the fourth quarter of 2014. The change in gross profit was primarily attributable to net sales decreased by $13.4 million in fiscal 2015 compared to fiscal 2014.
Operating expenses increased by 24.4% to $30.6 million compared to $24.6 million in the prior year period. The change in operating expenses was mainly due to the increase in expenses, including salaries, utility and advertising in fiscal 2015. The increase was also due to a $5.0 million of long-lived asset impairment charges during fiscal 2015.
We had a net loss of $18.3 million in the fourth quarter of 2015 compared with net loss of $14.7 million in the fourth quarter of 2014.
Full Year 2015 Financial Results
Net sales decreased by $4.5 million, or 1.6%, to $270.1 million for fiscal 2015 from $274.6 million for fiscal 2014. Comparable stores are stores that were opened for at least one year before the beginning of the comparison period, or by January 1, 2014. Those 40 stores generated approximately $235.3 million sales in fiscal 2015, a decrease of $11.4 million, or 4.6% compared with $246.7 million sales in fiscal 2014. New store sales increased, reflecting the opening of 5 new stores since January 1, 2014. These stores generated approximately $31.8 million in sales in the fiscal 2015. The number of stores including supermarkets/hypermarkets and department stores at fiscal 2015 was 45 versus 48 at fiscal 2014.
Gross profit, or total revenue minus cost of sales, was decreased by $0.7 million, or 1.7%, to $45.7 million, or 16.9% of net sales, in fiscal 2015 from $46.4 million, or 16.9% of net sales, in fiscal 2014. The change in gross profit was primarily attributable to net sales decreasing by $4.5 million in fiscal 2015 compared to fiscal 2014.
Operating expenses increased by $2.8 million, or 4.8%, to $61.6 million, or 22.8% of net sales, in fiscal 2015 from $58.7 million, or 21.4% of net sales, in fiscal 2014. The change in operating expenses was mainly due to the increase in expenses, including salaries, utility and advertising in fiscal 2015. The increase was also due to $5.0 million of long-lived asset impairment charges during fiscal 2015.
We had a net loss of $31.2 million in fiscal 2015 compared with net loss of $27.0 million in fiscal 2014. The number of shares used in the computation of diluted EPS was 1,522,326 shares in fiscal 2015 and 2014.
About QKL Stores Inc.:
Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket chain company operating in Northeastern China and Inner Mongolia. QKL Stores sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, hypermarkets and department stores; the company also has its own distribution centers that service its supermarkets. For more information, please access the Company’s website at: www.qklstoresinc.com
Source – Company Press Release
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
Broad Street Alerts was previously compensated eighteen thousand five hundred dollars by star media llc for the mention of FNJN however, that contract has expired.
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