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175% growth in Joe's Jeans men's business
01
Mar '08
Joe's Jeans Inc announced financial results for the fourth quarter ended November 30, 2007. Highlights were:
• Annual net sales of $62.8 million, a 35% increase over 2006 sales of $46.6 million.
• Full year profitability of $2.3 million in net income compared to a loss of $9.3 million in the prior year, translating into earnings per share of $0.05 on a fully diluted basis.
• Record quarterly sales for the fourth quarter of $18.0 million, a 29% increase over the fourth quarter of 2006.
• Gross margins from the Joe's brand of 42% for the full year compared to 37% for the year ended November 25, 2006, a 5 percentage point improvement.

For the year ended November 30, 2007, overall net sales were $62.8 million compared to overall net sales of $46.6 million from the prior year comparative period, a 35% increase. For the fourth quarter, Joe's Jeans net sales were $18.0 million, a 29% increase over net sales of $14.0 million during the prior year comparative period.

The Company generated net income of $2.3 million for the fiscal year ended November 30, 2007, or $0.05 per share on a fully diluted basis. For the fourth quarter, the Company earned net income of $1.1 million, or $0.02 per share on a fully diluted basis.

Marc Crossman, President and Chief Executive Officer, commented, "We are very pleased to be reporting better than expected sales growth and strong margin improvement for both the full year and fourth quarter of 2007, which resulted in our first profitable year since 2002.


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