Jo-Jo Drugstores Reports Revenue Increase, Losses in Q1
The stock of China Jo-Jo Drugstores Inc. (Nasdaq: CJJD) ended nearly 2 percent higher Wednesday, at $1.09 per American depositary share, after it announced improved financial results on revenue for the quarter through June.
In a statement today, the Hangzhou-based company, which sells healthcare products, said its revenue in the first fiscal quarter of 2020 ended June reached $25.3 million, at an 11 percent increase year-over-year.
"We are pleased to announce our financial results for the first quarter of fiscal year 2020," Jo-Jo's chairman and chief executive officer, Lei Liu, said in a statement today. "We will continue adapting to the changing retail drugstore environment and making progress towards our long-term strategic goals. We remain confident of our ability to realize the potential of our business model as we endeavor to provide the best experience to our customers."
Sales in its wholesale business grew the most year-over-year, by 28 percent to $6.1 million, Jo-Jo said. Revenue from its online pharmacy line rose 21 percent to $2.44 million, thanks to sales on e-commerce platforms such as Tmall, offset by the decline in sales via the company's official site.
The company's losses from operations widened to $2.76 million, or 7 cents per share, compared with $560,000, or 2 cents per share, for the same period of the fiscal year 2019.
Jo-Jo said it had $23.1 million in cash and restricted cash as of Jun. 30.