FUQI Intl incerases revenue forecast

18 Apr '08

3 min read

In 2008, the Company expects to continue to sustain long term wholesale gross margins in the 10.5% range, in line with its historical average, with additional gross margin upside as its branded retail business becomes more meaningful to overall sales.

Mr. Yu Kwai Chong, Chairman of FUQI International commented, "We continue to see strong growth in our wholesale business and believe that our efforts to increase FUQI's brand awareness are paying off.

The biggest drivers of growth came from deeper penetration and larger orders placed by existing customers and from our enhanced working capital position which has expanded our offering of sophisticated, fashionable gold and platinum jewelry products.

We believe these factors will provide continued momentum in our business as we progress through 2008. The jewelry market in China remains very healthy and as a leading, well-capitalized jewelry supplier in China, we believe we have great potential to further expand our sales channels.

The continued growth of our wholesale business combined with our retail sales rollout provides us with a compelling opportunity to expand our market position in China in 2008 and beyond.'

This updated 2008 financial guidance does not take into consideration any potential acquisitions that the company may be contemplating. The Company expects to report final Q1 2008 financial results during the first half of May 2008.

FUQI International Inc

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