LJ International designs, brands, markets and distributes a full range of jewelry through its ENZO stores in China, distributing to fine jewelers, department stores, national jewelry chains and electronic and specialty retailers throughout North America and Western Europe. On Friday, the company reiterated its fourth-quarter guidance for the fiscal year ended December 31, 2010.
The company expects revenues to total approximately $42.5 million in the fourth quarter, an 8 percent increase from the year prior. LJ International said it expects fourth-quarter net income of approximately $3.8 million, or $0.13 per fully diluted share, up 44 percent on a per-share basis from a year earlier.
Based on its projected fourth-quarter results, full-year total revenues are expected to be nearly $138 million, with net income from operations (excluding the gain from the sale of investment property in the third quarter of 2010) totaling approximately $11 million, or $0.41 per fully diluted share, an increase from net income of $3.7 million, or $0.15 per fully diluted share, in 2009.
LJ International chairman and CEO Yu Chuan Yih said the company’s financial position is indicative of its operational and expansion plans.
“LJI’s financial results for the year to date are on track with the company’s plans,” Yu Chuan Yih stated in the press release. “We are affirming guidance for earnings from operations for 2010 as we continue to roll out our execution strategy for ENZO retail stores. We anticipate that by the end of the fourth quarter 2010, LJI could reach up to 135 ENZO stores across China. On the wholesale side, as mentioned during our third quarter 2010 earnings call, consistent sales figures over the past few quarters indicate a stabilization in the global consumer sector. Furthermore, LJI’s wholesale division maintains its ‘blue chip’ customer base and is proud to have continued all wholesales relationships throughout recent economic times.”
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