For the full year 2011, the Company currently anticipates revenue in the range of RMB1.19-RMB1.21 billion ($185.9-$189.0 million), net income of approximately RMB247.7-RMB252.1 million ($38.8-$39.5 million) and basic and fully diluted EPS of approximately RMB2.23 ($0.35) - RMB2.27 ($0.36).
Zuoan expects to open approximately 5 self-operated flagship stores in the fourth quarter. Approximately 10-20 new retail stores and 5 flagship stores are expected to be opened by distributors and sub-distributors in the fourth quarter of 2011.
Conference Call Information
Zuoan’s management will host an earnings conference call on December 7, 2011 at 8:30 a.m. U.S. Eastern Time. Listeners may access the call by dialing #1-201-493-6780. A webcast will also be available via www.viavid.net. A replay of the call will be available through December 14, 2011. Listeners may access the replay by dialing #1-858-384-5517, access code: 384060.Exchange Rate This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.3780 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2011. About Zuoan Fashion Limited Zuoan Fashion Limited is a leading design-driven fashion casual menswear company in China, and is head-quartered in Shanghai. Zuoan offers a wide range of products, including men’s casual apparel, footwear and lifestyle accessories, primarily targeting urban males between the ages of 20 and 40 who prefer stylish clothing that represents a sophisticated lifestyle. Through extensive networks of distributors and retail stores, Zuoan sells its products in 27 of China’s 32 provinces and municipalities. As of September 30, 2011, Zuoan had 1,246 stores located in China. Unaudited Financial Information Except for certain audited consolidated financial information as of or for the year ended December 31, 2010 included in the Company’s 20-F filed with the SEC on June 27, 2011, the financial information included herein is unaudited, consolidated and prepared in accordance with International Financial Reporting Standards. Such financial information is generated internally and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by independent auditors, to which we subject our annual consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information included herein should also take into account our published audited consolidated financial statements and the notes to those statements. In addition, the financial information included herein is not necessarily indicative of our results for any future period.
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