LJ International reports Q2 net loss of $0.3 million

Tue. August 19, 2008; Posted: 03:15 AM

Aug 19, 2008 (Datamonitor via COMTEX) -- JADE | Quote | Chart | News | PowerRating -- Jewelry retailer LJ International has reported that net loss for the second quarter of 2008 was $0.3 million, or $0.01 per diluted share, compared to a net income of $1.2 million, or $0.05 per diluted share, in the second quarter of 2007.

Revenues for the second quarter of 2008 totaled $31.1 million, down 6% from $33.1 million in the second quarter of 2007. Gross profit was $9.22 million, compared to $10.15 million in the same quarter of 2007.

For the six months ended June 30, 2008, net income was $797 million, compared to $1.83 million in the same period of 2007. Operating revenue for the first half of 2008 was $61.45 million, compared to $67.16 million in the prior-year period. Gross profit was $18.87 million, compared to $19.32 million in the same period of 2007.

Yu Chuan Yih, chairman and CEO, said: "As in the first quarter of 2008, our latest results reflect a challenging environment for luxury consumer items such as jewelry amid the economic slowdown that has particularly affected our largest market, the US. We believe this economic weakness will continue and further negatively affect LJ International's wholesale business in the second half of 2008."

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