Home / Knowledge / News / Apparel/Garments / Joe's Jeans Q1'FY14 sales surge 61% on Hudson acquisition
Joe's Jeans Q1'FY14 sales surge 61% on Hudson acquisition
10
Apr '14
For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, or a 61% increase. It has  completed acquisition of Hudson Clothing Holdings, Inc. on September 30, 2013 and results for the first quarter of fiscal 2014 reflect the first full quarter of operation for Hudson as one of its subsidiaries.
 
Highlights:
-Consolidated first quarter net sales increased 61% to $47.3 million;
-Wholesale net sales increased 72%;
-Retail store net sales increased 22%; and
-Operating income of $1.3 million compared to an operating loss of $6.4 million in the prior year period.
 
Company’s overall gross profit for the quarter increased to $21.5 million from $14.3 million in the prior year comparative period, or a 50% increase. The overall gross margin in the first quarter of fiscal 2014 was 45% compared to 49% in the first quarter of fiscal 2013. 
 
Impacting company’s gross profit and gross margins for the quarter was a non-cash charge of approximately $1.0 million related to the fair value step up of inventory acquired in connection with the acquisition of Hudson that was subsequently sold in the first quarter of fiscal 2014. Excluding this charge, the gross margin for the first quarter of fiscal 2014 would have been 47%. Operating expense in the first quarter of fiscal 2014 was $20.2 million compared to $20.7 million a year ago. 
 
Operating expense includes approximately $165,000 in transaction expenses associated with the acquisition of Hudson and for the first quarter of fiscal 2013, includes an $8.7 million expense related to the contingent consideration buy out expense in connection with the new agreement entered into with Mr. Joe Dahan in February 2013. Excluding the transaction expenses, the operating expense would have been $20.0 million for the first quarter of fiscal 2014. The operating income was $1.3 million compared to an operating loss of $6.4 million in the prior year comparative period. 
 
Company had a net loss of $2.2 million compared to $6.4 million in the prior year period. As a result, the fully diluted loss per share was $0.03 for the first quarter of fiscal 2014 compared to a fully diluted loss per share of $0.10 in same period a year ago.
 
Click here to view full results.
 

Joe's Jeans

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search