LJ International Opens 35th Enzo Store, Reaching a Total of 40 Stores Target This Year
August 10 2006 - 10:15AM
PR Newswire (US)
Company Reports 31% Rise in Retail Revenues Per Square Foot,
Expects to Reach or Exceed Its Target of 40 Stores by Year-End HONG
KONG and LOS ANGELES, Aug. 10 /Xinhua-PRNewswire-FirstCall/ -- LJ
International Inc. ("LJI") (NASDAQ:JADE), one of the
fastest-growing jewelry companies in the world, today announced
that it has opened its first ENZO retail store in Hong Kong, an
upscale "image shop" in the Tsim Sha Tsui district. The Company
also said they are in line with and will most likely to exceed the
expected 40 stores by end of the year. Furthermore, it reported
that average sales per square foot in existing stores had risen by
31% from 2005 to the first half of 2006. LJI also operates a Hong
Kong showroom, opened in March 2004, which predates the ENZO retail
chain. Yu Chuan Yih, LJI's Chairman and CEO, said, "The opening of
ENZO's new Tsim Sha Tsui store puts us at another prime retail
position, in one of Hong Kong's most popular shopping and tourism
areas. We expect ENZO to be a hit with consumers here, as it is in
other Chinese cities. Based on ENZO's successful launch, as
measured by rising revenues per square foot of selling space -- we
expect to accelerate the pace of new store openings. Earlier, we
expected on having 40 stores in operation by the end of 2006. We
now have already 35 in operation, I believe we are on the track to
achieve 100 ENZO stores by the time of the Beijing Olympics in
2008." ENZO On-Track Towards Achieving Profitability Next Year As
of the end of the second quarter, the Company indicated that
average revenues per square foot rose more than 31% from
approximately $332.28 per square foot in 2005 to annualized $436.32
per square foot in the first six months of 2006. The significant
increase was primarily due to stronger brand recognition and the
continued growth of China's economy. Our updated information
indicates that 15 ENZO stores achieved profitability on a
store-by-store basis. The ENZO Division is on-track to achieve
overall profitability next year. LJI said out of the 35 ENZO
stores, 5 of them are stand-alone stores ranging from 1,200 to
1,850 square feet in size, the rest are all shop-in-ship format of
average of 550 square feet in size. To be added to LJI's investor
lists, please contact Haris Tajyar at or at 818-382-9700. About LJ
International Inc. LJ International Inc. ("LJI") (NASDAQ:JADE),
based in Hong Kong and the U.S., is engaged in the designing,
branding, marketing and distribution of 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 its
ENZO stores. Its product lines incorporate all major categories
sought by major retailers, including earrings, necklaces, pendants,
rings and bracelets. For more information on LJI, please visit
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 revenues. 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 revenues 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. For further information: AT LJI: AT INVESTOR RELATIONS
INTL: Betty Ho Haris Tajyar Vice President, Corporate Development
Managing Partner Ph: 011-852-2170-0001 Ph: 818-382-9702 DATASOURCE:
LJ International Inc. CONTACT: Betty Ho of LJ International,
+852-2170-001, or ; Haris Tajyar of Investor Relations Intl for LJ
International, +1-818-382-9702 or Web site: http://www.ljintl.com/
Copyright
LJ International, Inc. (MM) (NASDAQ:JADE)
Historical Stock Chart
From Jun 2024 to Jul 2024
LJ International, Inc. (MM) (NASDAQ:JADE)
Historical Stock Chart
From Jul 2023 to Jul 2024