Home / Knowledge / News / Apparel/Garments / Joe's Jeans posts smart turnaround in Q3FY14 profits
Joe's Jeans posts smart turnaround in Q3FY14 profits
13
Oct '14
Following completion acquisition of Hudson Clothing Holdings, NASDAQ-listed and apparel retailer - Joe’s Jeans Inc. posted a smart turnaround in its operating income which slipped in to black from red in the third quarter ended August 31, 2014.

Joe’s Jeans reported an operating profit of $3.8 million in the third quarter of 2014, compared to an operating loss of $295,000 in the third fiscal quarter of 2013.

The Hudson Clothing buy also helped revenues zoom 79% to $52.7 million compared to $29.4 million in the prior year comparative period.

In the same period, wholesale net sales also climbed 98%, from a year earlier quarter, while retail store net sales increased slower by 13% from the prior year quarter.

Gross profit for the third quarter of 2014 also nearly doubled to $24.5 million from $12.9 million in the prior year quarter, or a 90% increase.

Its overall gross margin in the period under review also rose to 46% versus 44% in the third quarter of 2013.

Operating expense stood at $20.7 million in third quarter of 2014 against $13.1 million, from a year ago.

Joe’s Jeans posted net income of $276,000 compared to a net loss of $287,000 in the prior year period.

As a result, its fully diluted earnings per share were comparable at $0.00 for the third quarter of fiscal 2014 and 2013.

Combining wholesale net sales of $22.1 million from Hudson Clothing, Joe’s Jeans said its wholesale segment sales surged 98% to $45.5 million compared to $23.1 million in the year ago period.

Net sales from the retail segment in the third quarter of 2014 grew 13% to $7.1 million vis-a-vis $6.3 million in the prior year comparative period.

According to Joe’s Jeans, retail sales growth was driven by contribution of $585,000 from Hudson’s e-shop as well as growing its store base by one store in the comparative period.

In addition, the retailer added, “Our same store sales, which include Joe’s stores open at least 12 months and our Joe’s e-shop, declined 2% during the quarter.” Corporate and Other

CEO Marc Crossman said, “On a historical combined basis, we increased revenue, expanded gross margins, and grew operating income.”

Crossman continued, “Both our Joe’s and Hudson brands experienced the same top line trends this quarter. More importantly, our brands are well positioned with non-denim offerings as we move into the fourth quarter.”

For the third quarter of 2014, corporate and other expenses touched $8.6 million compared to $4.9 million, which the retailer attributed to $4.7 million of expenses associated with Hudson’s corporate operations. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Ghana makes tax stamp compulsory on imported textiles

Textiles | On 27th May 2018

Ghana makes tax stamp compulsory on imported textiles

To curb illegal imports, Ghanaian authorities will put a tax stamp on ...

Courtesy: Vishal Mega Mart

Apparel/Garments | On 27th May 2018

Partners Group, Kedaara Capital taking over VMM

Partners Group, a private markets investment manager, and Kedaara...

Courtesy: Deckers

Apparel/Garments | On 27th May 2018

Deckers Brands sales soar 8.4% in Q4FY18

Deckers Brands, a global leader in designing, marketing and...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Tejas N Patel, Navin D Patel

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

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Tony Ward
Tony Ward

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

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search