LJ International shares fall on earnings

By Associated Press
June 30, 2008 | Comments (0)

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Shares of LJ International Inc. fell Monday after the Hong Kong-based jewelry retailer reported weak first-quarter revenue.

Shares fell 48 cents, or 14.7 percent, to $2.79 Friday. The stock has traded between $2.15 and $12.87 over the past year.

The company reported first-quarter profit rose to $1.1 million, or 6 cents per share, from $600,000, or 3 cents per share. Excluding one-time items, net income was 2 cents per share.

Meanwhile revenue fell 11 percent to $30.4 million. The company said results were hurt by a weak economic environment and weak sales of its high-end jewelry.

The company added that it expects revenue to fall in the second quarter as the retail sector continues to be weak, particularly in the U.S., its largest market.

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