Guidance Raised for Q409 and FY09
In light of its updated retail sales figures, LJI issued new revenue guidance for the fourth quarter and fiscal year ended December 31, 2009. It now projects combined wholesale and retail revenues of at least $39 million for the fourth quarter and at least $110 million for the fiscal year. This is up from earlier guidance, issued in November 2009, for quarterly and annual revenues of $30 million and $100 million. Based on these projections, revenues will be down approximately 6% and 19% year-over-year for the fourth quarter and fiscal year 2009 respectively, with lower sales in LJI’s wholesale operations offsetting gains in its retail division.
The Company has also increased its guidance for earnings per fully diluted share at $0.09 for the fourth quarter of 2009 and $0.15 for the full year.
About LJ InternationalLJ International Inc. (LJI) (NASDAQ: JADE) is engaged in the designing, branding, marketing and distribution of a full range of jewelry. It has built its global business on a vertical integration strategy and an unwavering commitment to quality and service. Through its ENZO stores, LJI is now a major presence in China’s fast-growing retail jewelry market. As a wholesaler, it distributes to fine jewelers, department stores, national jewelry chains and electronic and specialty retailers throughout North America and Western Europe. Its product lines incorporate all major categories, including earrings, necklaces, pendants, rings and bracelets. Forward-looking statement: Except for the historical information, the matters discussed in this news release may contain forward-looking statements. These forward-looking statements do not constitute promises or guarantees of future performance, but involve a number of risks and uncertainties that could cause actual results to differ materially from such statements. Factors that could cause actual results to differ materially from such statements include, but are not limited to, factors relating to future revenues and earnings, expectations that the Company will not be negatively impacted by further one-time events relating to, but not limited to, write-offs related to its U.S. customers, significant or unforeseen litigation expenses, fluctuations in the Company's gross margins, productivity improvements at its ENZO Division, continued weakness in the global economic climate, particularly in the U.S. and China as well as additional risk factors detailed in the Company's most recent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.