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QKL Stores swings to losses in Q4

Apr. 10, 2012 (China Knowledge) - QKL Stores Inc<QKLS>, a leading supermarket chain in Northeast China and the Inner Mongolia Autonomous Region, suffered a net loss of approximately US$18.3 million in the fourth quarter of 2011, compared with a net profit of US$2.4 million in the same period of 2010.

Diluted loss per American Depositary Share was US$0.60 in the fourth quarter 2011, compared with diluted earnings per ADS of US$0.06 in the corresponding period of 2010.

Revenue for the fourth quarter 2011 increased by 20.9% year on year from US$85.8 million to US$103.7 million.

At the end of last year, the company had 54 stores totaling 324,400 square meters, whereas it had 43 stores totaling 205,976 sq m as of Dec. 31, 2010.

Chairman and CEO Wang Zhuangyi said the firm opened one new store in the fourth quarter 2011. The store, located in Daqing, Heilongjiang Province, has an area of 2,400 sq m.

For the whole year of 2011, U.S.-listed QKL Stores suffered US$16.6 million in net loss, compared with US$17.4 million of net profit it earned in 2010.

Net sales for last year increased by US$72.1 million, or 24.2%, to US$370.5 million.

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