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Joe's Jeans gross margin improves during third quarter
16
Oct '08
Joe's Jeans Inc announced financial results for the third quarter ended August 31, 2008. Highlights were:

- Net sales improved 16 percent to $18.2 million compared to $15.7 million in the third quarter a year ago.

- A year-over-year gross margin improvement of 49 percent during the third quarter, a seven percentage point increase over 42 percent in the third quarter of 2007.

- A record quarter of profitability with net income of $2.2 million, or $0.04 per share, compared to $913,000, or $0.02 per share in the third quarter a year ago.

- Opening of the first full-price Joe's(R) retail store in the Bucktown neighborhood of Chicago.

Marc Crossman, President and Chief Executive Officer, commented, "We are very pleased to be reporting $18.2 million in sales and record net income of $2.2 million during the quarter. These results reflect continued sales growth and gross margin improvement as a result of increases across all of our business segments, including women's, men's, international and kid's, and from the shift in our sourcing from outside of the U.S. Additionally, last week we opened our first full-price retail store in the Bucktown neighborhood in Chicago and expect to open three additional stores by the end of our fiscal year. We are pleased with the progress we made this quarter and we look forward to capitalizing on our position in the marketplace for 2009."

For the third quarter ended August 31, 2008, net sales improved to $18.2 million from $15.7 million in the third quarter ended August 25, 2007, a 16 percent increase.

Gross margins during the third quarter of 2008 were 49 percent. SG&A during the third quarter ended August 31, 2008 was $6.1 million compared to $5.3 million in the third quarter of 2007, a 15 percent increase primarily due to: higher headcount to support sales growth and additional personnel for the retail strategy; an increase in stock-based compensation expense as a result of the issuance of restricted common stock and restricted stock units during the fourth quarter of 2007 and the first quarter of 2008; an increase in distribution and shipment costs as a result of higher sales volume over the prior year period; and an increase in professional fees.

The Company generated net income of $2.2 million, or $0.04 per share, during the third quarter of 2008 compared to net income of $913,000, or $0.02 per share, during the third quarter of 2007.

Joe's Jeans Inc

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