Home / Knowledge / News / Apparel/Garments / Joe's jeans reports 8% hike in Q2 FY'13 net sales
Joe's jeans reports 8% hike in Q2 FY'13 net sales
16
Jul '13
Joe’s Jeans announced financial results for the second quarter ended May 31, 2013. Highlights were:

For the second quarter of fiscal 2013, overall net sales were $30.9 million compared to $28.6 million from the prior year comparative period, or an 8% increase. Our overall gross profit for the quarter was essentially flat at $13.5 million compared to $13.6 million in the prior year comparative period, a less than 1% decrease. Our overall gross margin in the second quarter of fiscal 2013 was 44% compared to 47% in the prior year period.

Gross margins decreased as a result of an increased mix of sales from our lower margin line, else, and the increased expense of producing our Vintage Reserve line in the U.S. Operating expense in the second quarter of fiscal 2013 was $11.4 million compared to $10.5 million in the prior year period. Our operating income decreased to $2.1 million for the quarter from $3.1 million in the prior year period and our fully diluted earnings per share were $0.02 per share for the second quarter of fiscal 2013.

Marc Crossman, President and Chief Executive Officer, commented, “Our second quarter of fiscal 2013 resulted in continued top line growth for the Company.” Crossman continued, “With that said, both our wholesale and retail segments posted healthy growth for the quarter which translated into strong consolidated revenues. Further, we will continue to work to reduce our input costs on our else brand and transition our Vintage Reserve line to our facility in Mexico.”

Wholesale

Net sales for our wholesale segment in the second quarter of fiscal 2013 increased 6% to $24.4 million from $22.9 million in the prior year period. Sales gains came from our Joe’s men’s sales channels and our else brand. Gross margins for our wholesale segment were 37% for the second quarter of fiscal 2013 compared to 41% in the prior year comparable quarter. For the second quarter, wholesale operating expense was comparable to the prior year at $3.2 million in both periods. Our wholesale operating income decreased to $5.7 million in the second quarter of fiscal 2013 from $6.3 million in the prior year comparative period.

Mr. Crossman commented, “We continue to be pleased with the performance of our men’s Joe’s business, as our strong core basics continue to perform above our expectations. In addition, our else brand continues to add to our top line results.” Crossman continued, “Our women’s Joe’s wholesale business decreased single digits primarily due to tough comparisons against our successful '55 Colors' and printed denim campaigns from a year ago.

This tough comparison was somewhat mitigated by our Vintage Reserve line. As expected, the second quarter marked the toughest comparable quarter for us and the premium denim industry as it relates to color. We expect this trend to subside in future quarters.”


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Sep 2020

Global economic forecast not as dark as earlier guess: IMF

Though the global economic outlook is not quite as dark as expected...

Pic: Edinburgh Woollen Mill

Fashion | On 26th Sep 2020

FRP appointed to value Peacocks, Edinburgh Woollen Mill

Edinburgh Woollen Mill Group CEO Philip Day has started the...

Pic: Shutterstock

Retail | On 26th Sep 2020

India plans retail trade policy, settling logistics policy

India plans to formulate a retail trade policy for which stakeholder...

Interviews View All

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Top executives, Textile industry

Top executives
Textile industry

Technical textiles industry moving back to Europe

Textile Industry, Head honchos

Textile Industry
Head honchos

One thing is certain, online sales will go up

Teresa Neal,

Teresa Neal

Teresa Neal, an art professional with 25 years of experience, in...

Marco Girola,

Marco Girola

With its commitment to innovation and deep technical expertise,...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

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


September 2020

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


Advanced Search