Home / Knowledge / News / Apparel/Garments / Sales climb 50% at Joe's Jeans in Q4 FY'14
Sales climb 50% at Joe's Jeans in Q4 FY'14
Feb '14
Joe’s Jeans Inc. announced financial results for the fourth quarter ended November 30, 2013.

Consolidated fourth quarter net sales increased 50% to $50.5 million. Wholesale net sales increased 60%; and Retail store net sales increased 11%.

Excluding transaction and amortization expenses associated with the purchase of Hudson Clothing Holdings, Inc. (“Hudson”), adjusted operating income was up 105% to $6.5 million dollars for the fourth quarter of fiscal 2013;

For the fourth quarter ended November 30, 2013, overall net sales were $50.5 million compared to $33.7 million in the prior year comparative period, or a 50% increase. It completed its acquisition of Hudson on September 30, 2013 and its results for the fourth quarter of fiscal 2013 reflect the operation for two months of Hudson as one of our subsidiaries.

Its overall gross profit for the quarter increased to $21.7 million from $15.7 million in the prior year comparative period, or a 38% increase. Overall gross margin in the fourth quarter of fiscal 2013 was 43% compared to 47% in the fourth quarter of fiscal 2012.

Impacting gross profit and gross margins for the quarter was a non-cash charge of approximately $2.0 million related to the fair value step up of inventory acquired in connection with the acquisition of Hudson that was subsequently sold in October and November 2013.

Excluding this charge, gross margin for the fourth quarter of fiscal 2013 would have been comparable at 47%. Operating expense in the fourth quarter of fiscal 2013 was $20.2 million compared to $12.5 million a year ago. Operating expense includes approximately $3.0 million in transaction expenses associated with the acquisition of Hudson.

Excluding the transaction expenses, operating expense would have been $17.2 million for the fourth quarter of fiscal 2013. Operating income was $1.5 million compared to $3.2 million in the prior year comparative period and had a net loss of $1.8 million compared to net income of $2.0 million in the prior year period. As a result, fully diluted loss per share was $0.03 for the fourth quarter of fiscal 2013 compared to earnings per share of $0.03 in same period a year ago.

Excluding transaction expenses and the charge related to the acquired inventory, operating income would have been $6.5 million, net income would have been $2.4 million and fully diluted earnings per share would have been $0.03 for the quarter.

Marc Crossman, President and Chief Executive Officer, commented, “With just two months of our Hudson subsidiary included in our fourth quarter results, we are pleased to report record consolidated revenues and gross profits. Excluding the transaction expenses and inventory charge, our operating income would have doubled from the prior year period.”

Joe's Jeans

Interviews View All

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Shiladitya K Joshi, Truetzschler India Private Limited

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Eric Scholler, Groz-Beckert

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

November 2019

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

Follow us on instagram


Follow Fibre2Fashion On

Advanced Search