HANGZHOU, China, November 20, 2014 /PRNewswire/ — China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the "Company"), a leading China-based retail and wholesale distributor of pharmaceutical and healthcare products through its own retail and online pharmacies, today announced its online pharmacy posted the largest one-day sales on Singles Day China, or the Black Friday China ("Singles Day"), November 11, 2014 with total revenue increased by 265% year over year, on a one-day sales comparison basis.
In order to encourage online shopping, since 2009, large online retailers in China such as Tmall.com ("Tmall") of Alibaba Group Holdings (NYSE: BABA), China’s largest B2C online retailer and JD.com (NASDAQ: JD) ("JD") have started to make various discount sales on November 11 every year. November 11, also called Singles Day, has become the largest online commercial event in China.
Highlights of the Company’s online pharmacy sales on Singles Day include:
- Total one-day sales revenue reached approximately $521,000 (RMB3.21 million), a 265% increase from the sales record on the same day of the prior year. The result vastly exceeded the Company’s targeted sales goal of approximately $325,000 (RMB2 million). The number of one-day online purchase orders increased 328% over the same day last year. In comparison, our regular daily online sale averaged at approximately $42,000 (RMB 0.26 million) in October 2014, an increase of more than 250% from the same month in 2013.
- More than 90% of the Company’s online sales were generated from our online pharmacy at Tmall, the Company’s online stores at JD and YHD.com. The Company’s official website generated the remaining sales.
- As of October 2014, our online pharmacy was ranked 10th on Tmall.com in the Pharmacy and Health Goods category
"We are very encouraged to see a great increase of our online pharmacy sales during the Singles Day online shopping festival this year. We will continue to offer quality and safe products on our e-commerce platform, and provide a better shopping experience to our customers," commented Mr. Liu, Lei, Chairman and CEO of China Jo-Jo Drugstore. "Looking ahead, the dramatic increase of our online pharmacy sales on Tmall encourages us to further pursue our online growth strategy which we believe to be one of biggest opportunities for us in 2015 and beyond."
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of September 30, 2014, the Company had 51 retail pharmacies in Hangzhou. The Company’s wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).
Forward Looking Statement
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate," the negatives thereof, or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. It is routine for the Company’s internal projections and expectations to change as the quarter and year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change. Although these expectations may change, the Company is under no obligation to inform you if they do. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of numerous factors, including the risks associated with the effect of changing economic conditions in the People’s Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products. Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements.
China Jo-Jo Drugstores, Inc.
Chief Financial Officer
Tel: (561) 372-5555