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Joe's Jeans clocks 16% jump in Q2 FY'12 sales

17
Jul '12
Joe’s Jeans Inc. announced financial results for the second quarter ended May 31, 2012.

For the second quarter of fiscal 2012, overall net sales were $28.6 million compared to $24.7 million from the prior year comparative period, or a 16% increase.

Marc Crossman, President and Chief Executive Officer, commented, “We are pleased to report record sales of $28.6 million for the quarter, a 16% increase over the prior year period. Both our domestic wholesale and retail segments posted healthy increases and our retail segment continued to provide diversification to our revenue base. With these positive results, our operating income increased 82% to $3.1 million.”

Our overall gross profit for the quarter increased to $13.6 million from $11.5 million in the prior year comparative period, or an 18% increase.

Our overall gross margin in the second quarter of fiscal 2012 and fiscal 2011 was consistent at 47%. Operating expense in the second quarter of fiscal 2012 was $10.5 million compared to $9.8 million in the prior year period. Operating expenses increased primarily as a result of operating three more retail stores this period than the year ago period.

We generated operating income of $3.1 million compared to $1.7 million in the prior year comparative period and fully diluted earnings per share of $0.02 for the second quarter of fiscal 2012 compared to earnings per share of $0.01 in same period a year ago.

Retail

Net sales from our retail segment in the second quarter increased 26% to $5.7 million compared to $4.5 million in the prior year comparative period. The growth in retail sales was driven by a 10% same store sales increase and revenue contribution from 23 stores compared to 20 stores in the prior year period. Gross margins for our retail segment increased to 71% from 65% in the year ago period. Retail operating expense increased as a result of additional expenses associated with expanding our store base. Overall, for the second quarter, we had operating income of $570,000 compared to $143,000 a year ago for our retail segment.

Mr. Crossman commented, “Our retail sales continue to perform well above our expectations, and in particular, our full price retail stores. Full price retail stores posted same store sales gains of 38% for the quarter.” Crossman continued, “With healthy gross margin expansion and same store sales gains, our retail segment posted record revenue and profitability this quarter.”

Wholesale

Net sales for our wholesale segment in the second quarter of fiscal 2012 increased 14% to $22.9 million from $20.2 million in the prior year period. Sales gains came from both our men and women’s sales channels and the addition of our new brand else. Gross margins for our wholesale segment were 41% for the second quarter of fiscal 2012 compared to 43% in the prior year comparable quarter.

For the second quarter, wholesale operating expense increased to $3.2 million from $2.9 million a year ago. As a result of our improved sales, our wholesale operating income increased to $6.3 million in the second quarter of fiscal 2012 compared to $5.7 million in the prior year comparative period.


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