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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


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