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Operating income up 244% at Joe's Jeans in Q1 FY'12

13 Apr '12
4 min read

Net sales for our wholesale segment in the first quarter of fiscal 2012 increased by 19% to $20.8 million from $17.5 million in the prior year period. Sales gains came from both our men and women's sales channels and the addition of sales attributable to our new brand else.

Gross margins for our wholesale segment were 46% for the first quarter of fiscal 2012 compared to 45% in the prior year comparable quarter. For the first quarter, wholesale operating expense increased by $375,000 to $3.8 million from $3.5 million a year ago. As a result of our improved sales and gross margin, our wholesale operating income increased by $1.2 million to $5.7 million in the first quarter of fiscal 2012 compared to $4.4 million in the prior year comparative period.

Mr. Crossman commented, "Our efforts during the past few quarters in revamping our core line, creating new, unique fashion items in innovative fabrics, prints and colors, and investing in advertising have had positive results on our sales." Crossman continued, "Finally, our else brand, which we only commenced shipping in February, contributed to our top line growth and we are pleased with the addition of this brand into our portfolio."

For the first quarter of fiscal 2012, our corporate and other expenses were $4.1 million compared to $3.8 million in the first quarter a year ago. Corporate and other expenses increased due to advertising commitments for our "55 Colors" ad campaign that we launched in the fourth quarter of fiscal 2011.

Joe's Jeans Inc. designs, produces and sells apparel and apparel-related products to the retail and premium markets under the Joe's brand and related trademarks.

Joe's Jeans Inc

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