QKL Stores Inc. Provides Update to 2010 Store Opening Plan
DAQING, China, April 13 /PRNewswire-Asia/ -- QKL Stores Inc. (the "Company") (Nasdaq: QKLS), a leading regional supermarket chain in northeastern China today announced an update to its 2010 store opening plan.
Two new supermarkets were opened in the 2010 first quarter and one department store was opened during the first week of April bringing the total number of Company store locations to 39 for an aggregate total of 160,303 sq. meters of store space. This is comprised of 30 supermarkets totaling 85,000 sq. meters, 6 hypermarkets totaling 42,000 sq. meters and 3 department stores totaling 33,000 sq. meters. The Company plans on opening 20 locations and a minimum total of 100,000 sq meters of new store space in 2010. Currently, over twenty projects are under construction or are about to start construction along with two store renovations and two store relocations that are designed to increase the general size of each individual location. Further, the Company's new Harbin-based 19,600 sq. meter distribution center is scheduled to open in the second half of April 2010. Once opened, this new DC will accelerate the Company's store opening schedule, deliver a greater variety of products to new store locations and enhance overall efficiency.
Mr. Zhuangyi Wang, Chairman and CEO, said, "Our store opening pipeline remains very active for the foreseeable future. Our new stores enjoy a strong level of acceptance by consumers in the cities in which we operate and we subsequently are planning on opening up more store locations to meet the growing demand for our fresh food, grocery and non-food products. This ambitious store opening schedule will be possible due to the opening of our new distribution center later this month which will allow us to serve a greater number of store locations. In addition to our current projects under or about to start construction, we continue to negotiate with building landlords in specific target cities which could result in additional retail locations that can open later this year or early next year. By year end 2010, we hope to have a minimum of at least 56 locations totaling in excess of 240,000 sq. meters. We are providing the staffing and training for the new locations schedule to be opened this year and remain focused on growing our store concept into new cities in northeastern China and Inner Mongolia. We have an exciting year planned for QKL and look forward to updating you on our store opening progress and future growth plans."
About QKL Stores Inc.:
Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket chain company operating in Northeast China. QKL Stores sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, hypermarkets and department stores; the company also has its own distribution centers that service its supermarkets. As of the date of this press release, the Company had 39 retail locations for an aggregate total of 160,303 sq. meters of store space. For more information, please access the Company's website at: http://www.qklstoresinc.com .
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's services and projects and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.
For more information, please contact: QKL Stores, Inc. In U.S.: Crystal L. Chen, CFO Tel: +1-909-895-6516 In China: Mike Li, Investor Relations Tel: +86-459-460-7987 ICR, Inc. In U.S.: Bill Zima Tel: +1-203-682-8200 In China: Wei-Jung Yang Tel: +86-10-6599-7968
SOURCE QKL Stores Inc.
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