QKL Stores Inc. reported audited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported revenue in the fourth quarter of 2012 decreased by 17.1% to $86.0 million from $103.7 million in the fourth quarter of 2011. The company had a net loss of $30.8 million in the fourth quarter of 2012 compared with net income of $18.4 million in the fourth quarter of 2011. Excluding the impairment of goodwill, the company had a net loss of $4.1 million in the fourth quarter of 2012 compared with net income of $0.8 million in the fourth quarter of 2011.

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.