QKL Stores Q2 Loss Widens - Quick Facts

(RTTNews) - QKL Stores Inc. (QKLS) reported that its net loss for the second quarter of 2014 widened to $3.8 million or $2.47 per share, from $1.5 million, or $0.96 per share in the prior year period.

Net sales for the quarter decreased 12.4%, to $51.7 million from $59.0 million last year. The change in net sales was primarily attributable to the following: Same store sales represents sales from stores that were opened for at least one year before the beginning of the comparison period, or by January 1, 2013.

Same store (44 stores) sales generated approximately $49.6 million in sales in the second quarter of 2014, a decrease of $3.8 million, or 7.1% compared with $53.4 million in net sales in the second quarter of 2013.

New store sales increased, reflecting the opening of two new stores since January 1, 2013. These stores generated approximately $2.1 million in sales in the second quarter of 2014. The number of stores including supermarkets/hypermarkets and department stores at June 30, 2014 was 46 versus 45 at June 30, 2013.