QKL Stores Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Plans to Open Three New Supermarket or Hypermarket Stores in 2013
For the quarter, the company reported revenue decreased by 1.4% to $365.6 million for fiscal 2012 from $370.5 million for fiscal 2011. The company had a net loss of $31.0 million or $2.95 per diluted share compared with net loss of $16.6 million or $1.63 per diluted share in fiscal 2011. Excluding the impairment of goodwill, adjusted net loss for fiscal 2012 changed to $4.3 million, or $3.31 per diluted share, from adjusted net income of $2.6 million, or $2.07 per diluted share for fiscal 2011. Loss from operations was $32.6 million compared to $15.7 million reported a year ago. Loss before income tax was $33.3 million compared to $15.1 million reported a year ago.
The company expects to open three new supermarket or hypermarket stores in 2013.