Tuesday, April 15, 2008 (USA)
Joe's Jeans Inc announced financial results for the first quarter ended February 29, 2008. Highlights were:
• Gross sales increased 23% over the first quarter of 2007, exceeding gross sales guidance of 15% growth by 8 percentage points.
• Net sales improved 10% to $15.2 million compared to $13.8 million in the first quarter of 2007 which included an increase of $975,000 in the prior year period relating to an adjustment for returns.
• Gross margins of 45% compared to 37% in the prior year period and a 300 basis point improvement over gross margins of 42% in the fourth quarter of 2007.
• Fourth consecutive quarter of profitability with net income of $843,000 compared to a net loss of $173,000 in the first quarter of 2007, translating into earnings per share of $0.01 on a fully diluted basis.
• Announcement of two retail outlet stores for Fall 2008 at Woodbury Common Premium Outlets in New York and Orlando Premium Outlets in Florida.
Marc Crossman, President and Chief Executive Officer, commented, "We are very pleased to start 2008 off with a strong first quarter. These financial results reflect continued sales growth of the Joe's brand, as well as continued increases to our gross margins.
The sales growth continues to be driven primarily by solid performance in our women's domestic business, strong growth in our men's line and gains in international sales as a result of recent efforts to realign our business overseas. Additionally,we are extremely excited to be opening retail stores in 2008, and believe all of these efforts will lead to long-term success for the Joe's brand and its shareholders."
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