Home / Knowledge / News / Apparel/Garments / Joe's Jeans Q3 FY'13 sales decrease 3%
Joe's Jeans Q3 FY'13 sales decrease 3%
16
Oct '13
Joe’s Jeans Inc. announced financial results for the third quarter ended August 31, 2013.

Highlights were:

- Joe’s wholesale net sales increased 2%;

- Retail store net sales increased 14%; and

- Consolidated third quarter net sales decreased 3% to $29.4 million.

For the third quarter of fiscal 2013, overall net sales were $29.4 million compared to $30.3 million from the prior year comparative period, or a 3% decrease, with the decline entirely attributable to sales from our else brand. Sales of our Joe’s brand grew in the domestic and international wholesale distribution channel and in our Company owned retail stores.

Our overall gross profit for the quarter decreased to $12.8 million from $13.8 million in the prior year comparative period, or a 7% decrease. Our overall gross margin in the third quarter of fiscal 2013 was 44% compared to 46% in the prior year period. Operating expense in the third quarter of fiscal 2013 was $13.1 million compared to $11.1 million in the prior year period.

Excluding the impact of professional fees and other transaction expenses of approximately $1.3 million in connection with the acquisition of Hudson Clothing Holdings, Inc. (“Hudson”) that was completed on September 30, 2013, operating expenses would have been $11.9 million.

Our operating loss was $295,000 for the third quarter of fiscal 2013. Excluding the $1.3 million charge related to the Hudson acquisition, our operating income would have been $970,000 for the quarter and our fully diluted earnings per share would have been $0.01 per share instead of $0.00 per share for the third quarter of fiscal 2013.

Marc Crossman, President and Chief Executive Officer, commented, “Our third quarter of fiscal 2013 marked a transition for us as we worked toward the completion of the acquisition of Hudson, which was successfully closed on September 30th.

"Against this backdrop, our retail segment continued to post top line growth, while our Joe’s women’s wholesale sales improved due to strong performance of our women’s product offerings.” Crossman continued, “If we excluded the Hudson transaction expenses incurred during the quarter, we would have generated positive operating income for the quarter even with the expenses associated with our eight additional retail stores.”

Click here to read full results

Joe's Jeans


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X