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Joe's Jeans posts 8% rise in Q4 FY'11 sales

29
Feb '12
Joe's Jeans Inc. announced financial results for the fourth quarter ended November 30, 2011.

Highlights:
- Consolidated fourth quarter net sales increased 8% to $25.4 million;
- Sales from our retail stores increased 44%;
- Retail same store sales increased 12%;
- Sales from the Company's retail stores represented 23% of overall net
- Sales for the fourth quarter of fiscal 2011; and
- Sales from our wholesale division were flat.

For the fourth quarter ended November 30, 2011, overall net sales were $25.4 million compared to $23.6 million from the prior year comparative period, or an 8% increase.

Our overall gross profit for the quarter increased to $11.7 million from $11.5 million in the prior year comparative period, or a 1% increase.

Our overall gross margin in the fourth quarter of fiscal 2011 was 46% compared to 49% in the prior year fourth quarter. Our fourth quarter of fiscal 2011 gross margin was lower due to lower gross margins in our wholesale business.

Operating expense in the fourth quarter of fiscal 2011 was $11.8 million compared to $9.6 million a year ago. Operating expenses increased primarily as a result of a $1.8 million increase in advertising and professional fees.

Marc Crossman, President and Chief Executive Officer, commented, "Our net income was impacted by the advertising and related expenses associated with the launch of our '55 Colors' campaign. As evidenced by our sales, the campaign and the associated product are having a very positive impact on our business."

Crossman continued, "With a majority of the advertising commitments already underway, we expect advertising costs to decrease in future quarters." We incurred a net loss of $268,000 compared to operating income of $817,000 in the prior year comparative period and fully diluted loss per share of $0.00 for the fourth quarter of fiscal 2011 compared to earnings per share of $0.01 in same period a year ago.

Joe's Jeans


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