LJ International to Open 4 New China Stores by May 2005
April 28 2005 - 9:30AM
PR Newswire (US)
LJ International to Open 4 New China Stores by May 2005 Company's
ENZO Unit Expects to Open Total of 12 New Stores by End of 2005,
Generating Additional $1.5 Million in First Year of Operations HONG
KONG and LOS ANGELES, April 28 /Xinhua-PRNewswire-FirstCall/ -- LJ
International, Inc. (LJI) (NASDAQ:JADE), one of the fastest-growing
jewelry companies in the world, today announced plans to open four
new stores during May in Shanghai, Beijing and Harbin. The openings
will bring total ENZO locations in China to seven. By the end of
this year, the Company said, it expects to open at least five more
stores, bringing its total ENZO outlets in China to 12, generating
$1.5 million in its first year of operation. This revenue
contribution is not included in the Company's guidance for full
year 2005. The Company aims for break-even at ENZO sometime in
2006, with full profitability expected in 2007 and beyond. The
first of the new stores is due to open in Beijing on May 15,
followed by two stores -- one in Shanghai and one in Harbin -- on
May 20. The fourth store is scheduled to open on May 28 in Beijing.
Three ENZO stores are currently in operation, including a flagship
store in Shanghai, another Shanghai retail location and a Hong Kong
store. The new stores will offer the full range of LJI's Lorenzo
jewelry products. "With the opening of these new ENZO stores, LJI
takes another big step in its China retail expansion, which is on
track to produce substantial revenue from the Chinese market for
the first time in 2005," said LJI Chairman and CEO Yu Chuan Yih.
"With the Chinese economy growing at better than 9% annually,
jewelry demand driven by rising consumer demand is also surging. We
will be opening new stores at a rapid pace to take advantage of
this trend." LJI recently reported overall sales of $77.4 million
in 2004, an increase of 33% over 2003. Net income in 2004 was $2.7
million, or $0.22 per fully diluted share, up 16% from $1.8
million, or $0.19 per share, in 2003. The Company has forecast
revenue between $14.5 million and $16 million in the first quarter
of 2005, ending March 31, with EPS of $0.03. If you would like to
be added to LJI's investor email lists please contact Haris Tajyar
with Investor Relations International at . About LJ International
LJ International, Inc. (LJI) is a publicly-owned company, based in
Hong Kong and the U.S., engaged in designing, branding, marketing
and distributing a full range of jewelry. It has built its global
business, currently one of the fastest-growing in the jewelry
industry, on a vertical integration strategy and an unwavering
commitment to quality and service. LJI distributes to fine
jewelers, department stores, national jewelry chains and electronic
and specialty retailers throughout North America and Western
Europe, with a growing retail presence in China through stores and
e-shopping sites. Its product lines incorporate all major
categories sought by major retailers, including earrings,
necklaces, pendants, rings and bracelets. It trades on the Nasdaq
National Market under the symbol JADE. For more information on LJI,
go to its Web Site at http://www.ljintl.com/ . Forward looking
statement: Except for the historical information, the matters
discussed in this news release may contain forward-looking
statements, including, but not limited to, factors relating to
future sales. These forward-looking statements may involve a number
of risks and uncertainties. Actual results may vary significantly
based on a number of factors, including, but not limited to,
uncertainties in product demand, the impact of competitive products
and pricing, changing economic conditions around the world, release
and sales of new products and other risk factors detailed in the
company's most recent annual report and other filings with the
Securities and Exchange Commission. AT LJI: Betty Ho Vice
President, Corporate Development Tel: +852-2170-0001 Email: AT
INVESTOR RELATIONS INTL: Haris Tajyar Managing Partner Tel:
+1-818-382-9702 Email: DATASOURCE: LJ International, Inc. CONTACT:
AT LJI, Betty Ho, Vice President, Corporate Development,
+852-2170-0001, or ; AT INVESTOR RELATIONS INTL for LJ
International, Haris Tajyar, Managing Partner, +1-818-382-9702, or
Web site: http://www.ljintl.com/
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