China Nepstar Chain Drugstore (NPD) was Monday’s top Chinese stock mover after shares jumped nearly 10% after announcing a special cash dividend.
China Nepstar Chain Drugstore [[NPD]] added nearly 10% per share, or some $66 million in market capitalization, Monday. The Shenzhen, China-based retail drugstore chain announced disappointing second quarter results. EPS were only $0.02 compared to analysts’ expectations of $0.04 and revenue was only $78 million compared to expectations of $86. Worse, same-store sales, a key indicator for retailers, dropped 1.3% from the same period a year earlier.
The key development driving today’s gains was China Nepstar’s announcement that it will play a one-time cash dividend of $1.50 per American Depositary Share to shareholders of record as of September 25.
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