QKL Stores Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Expects to Open One New Supermarket in 2016
For the full year, the company's net sales decreased by $4.5 million, or 1.6%, to $270.1 million from $274.6 million for fiscal 2014. Comparable stores are stores that were opened for at least one year before the beginning of the comparison period, or by January 1, 2014. Net loss was $31.2 million in fiscal 2015 compared with net loss of $27.0 million in fiscal 2014. Loss from operations was $27,833,008 compared to $21,182,526 a year ago. Loss before income tax was $31,982,984 compared to $24,996,064 a year ago. Diluted loss per share was 20.51 compared to 17.71 a year ago. Net cash used in operating activities was $12,050,712 compared to $15,757,527 a year ago. Purchases of property, plant and equipment was $459,504 compared to $4,230,820 a year ago.
The company expected to open one new supermarket in 2016.