QKL Stores Inc. (QKLS: Quote) reported fourth-quarter net loss of about $18.3 million or $0.60 per share versus profit of $2.4 million or $0.06 per share last year.
Adjusted net income for the quarter was $0.9 million, or $0.03 per share, lower than $2.4 million, or $0.06 per share, in the same quarter a year ago.
Revenue grew 20.9% to $103.7 million from $85.8 million in the previous year.
Revenue performance reflected the growth of 35 comparable stores, as well as sales from the opening of 19 new stores since October 1, 2010. Same-store sales were approximately $83.5 million, an increase of 9.2% from $76.5 million last year.
Looking ahead, Zhuangyi Wang, Chairman and CEO, said, "...As we advance into 2012, we plan to slow down the pace of our new store openings. Currently, we expect to open five new supermarket or hypermarket stores this year. We maintain confidence in our strategy of strengthening our store presence in Tier 4 & 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."
by RTT Staff Writer
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