Home / Knowledge / News / Fashion / Joe's Jeans CEO pleased with Q2 performance
Joe's Jeans CEO pleased with Q2 performance
16
Jul '09
Joe's Jeans Inc announced financial results for the second quarter ended May 31, 2009.

Highlights were:
• Net income of $1,325,000 translating into earnings per share of $0.02 on a fully diluted basis.
• Gross margins of 51 percent for the second quarter of fiscal 2009 compared to 47 percent for the second quarter of fiscal 2008.
• Second quarter net sales of $17,179,000, a 4 percent decrease over the prior year comparative period.

For the second quarter, overall net sales were $17,179,000 compared to overall net sales of $17,955,000 from the prior year comparative period, a 4 percent decrease. Gross profit for the second quarter of fiscal 2009 was $8,683,000 compared to $8,438,000, a 3 percent increase. For the second quarter of fiscal 2009, gross margins were 51 percent compared to 47 percent for the prior year period, a 4 percentage point increase.

SG&A expenses during the second quarter of fiscal 2009 were $6,904,000 compared to $6,372,000 in the second quarter of fiscal 2008, an 8 percent increase, primarily due to expenses associated with the retail stores we opened during the fourth quarter of fiscal 2008. This translated into net income for the second quarter of fiscal 2009 of $1,325,000 and earnings per share of $0.02.

Marc Crossman, President and Chief Executive Officer, commented, "We are pleased with the progress we made during the second quarter, namely improving our gross margin by 4 percentage points, growing our men's and international businesses, and generating over $1 million in sales from our recently opened Company owned retail stores."

Crossman continued, "While our growth for the first six months of this year was relatively flat at 1 percent, we have made a number of merchandising changes to give the consumer fresh and innovative product. As a result, our bookings indicate that we will see accelerated growth in the back half of the year."

Joe's Jeans Inc


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Harsh Shah

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

Steve Cole
Xerium Technologies

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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


June 2018

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

news category


Related Categories:

Advanced Search