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Operating income up at Joe's Jeans
09
Apr '10
Joe's Jeans Inc announced financial results for the first quarter ended February 28, 2010.

Highlights were:

• Net sales increased 41% to $23.2 million over the prior year comparative period
• Gross profit increased 38% to $11.4 million over the prior year comparative period
• Operating income increased 36% to $1.4 million over the prior year comparative period

For the first quarter ended February 28, 2010, overall net sales were $23.2 million compared to $16.5 million from the prior year comparative period, a 41% increase. Marc Crossman, President and Chief Executive Officer, commented, "We are pleased to report for the second consecutive quarter, all of our distribution channels, namely, domestic women's, domestic men's, international and retail experienced healthy sales increases."

Our gross profit for the quarter increased to $11.4 million from $8.3 million from the prior year comparative period, or a 38% increase. Our gross margins decreased by one percentage point to 49% compared to 50% in the prior year period. Our gross margin was impacted by the addition of lower margin new product lines as we continue to expand into new classifications. First quarter SG&A was $9.7 million compared to $7.1 million a year ago. The increase over last year is mostly attributable to additional headcount and rent costs associated with our retail strategy and marketing and advertising expenses as we launched a new campaign to support our expansion into other product lines.

In the first quarter, our operating income was up 36% to $1.4 million compared to $1.0 million in the prior year comparative period. Marc Crossman, President and Chief Executive Officer, commented, "We were pleased with our ability to achieve such a healthy increase in our operating income for our first quarter in light of additional marketing and advertising expenses of approximately $700,000 during this period. With the media campaign around the launch of our new product classifications ending, we do not expect to see significant increases in this area in future periods."

Crossman continued, "Our first quarter continued the momentum from our fourth quarter, as we signed leases for nine additional branded retail stores, added a new shoe licensee, expanded our product offerings and continued top line and operating income growth."

Joe's Jeans Inc


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