Home / Knowledge / News / Apparel/Garments / Joe's Jeans Q2'FY14 operating income surges 55% to $3.3mn
Joe's Jeans Q2'FY14 operating income surges 55% to $3.3mn
11
Jul '14
Joe’s Jeans Inc. announced financial results for the second quarter ended May 31, 2014. 
 
Highlights:
-Second quarter net sales increased 56% to $48.2 million;
-Wholesale net sales increased 66%;
-Retail store net sales increased 19%; and
-Operating income increased 55% to $3.3 million compared to $2.1 million in the prior year period.
 
For the second quarter ended May 31, 2014, overall net sales were $48.2 million compared to $30.9 million in the prior year comparative period, or a 56% increase. We completed our acquisition of Hudson Clothing Holdings, Inc. on September 30, 2013 and our results for the second quarter of fiscal 2014 reflect the operation of Hudson as one of our wholly-owned subsidiaries.
 
Our overall gross profit for the quarter increased to $22.6 million from $13.5 million in the prior year comparative period, or a 67% increase. Our overall gross margin in the second quarter of fiscal 2014 was 47% compared to 44% in the second quarter of fiscal 2013. Operating expense in the second quarter of fiscal 2014 was $19.3 million compared to $11.4 million a year ago. 
 
Our operating income was $3.3 million compared to $2.1 million in the prior year comparative period. We had net income of $2.3 million compared to $1.2 million in the prior year period. As a result, our fully diluted earnings per share was $0.01 for the second quarter of fiscal 2014 compared to $0.02 in same period a year ago.
 
Marc Crossman, President and Chief Executive Officer, commented, “We have been working these past two quarters to position both companies to realize the cost savings benefits from our acquisition of Hudson. We expect to begin to see the benefit of that work in the third quarter of fiscal 2014. 
 
“We expect the savings to continue to ramp up during the fourth quarter and by year end, we expect to be running at an annualized cost savings rate in excess of $10 million per year.” Mr. Crossman concluded, “Furthermore, we expect our core results, excluding these cost savings, to pick up in the back half of the year, as we are already seeing improvement in our same store sales comps at our company owned retail stores.”
 
Wholesale
Net sales for our wholesale segment in the second quarter of fiscal 2014 increased 66% to $40.4 million compared to $24.4 million in the year ago period. Wholesale net sales for the second quarter of fiscal 2014 included $17.9 million in wholesale net sales from Hudson. Gross margin percentages for our wholesale segment were 43% for the second quarter of fiscal 2014 compared to 37% in the prior year comparable quarter. 


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


April 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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

Yes No

Active Poll

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

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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

Yes No

Active Poll

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

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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

Active Poll

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

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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