Joe's Jeans Q1'FY14 sales surge 61% on Hudson acquisition

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, or a 61% increase. It has  completed acquisition of Hudson Clothing Holdings, Inc. on September 30, 2013 and results for the first quarter of fiscal 2014 reflect the first full quarter of operation for Hudson as one of its subsidiaries.

 

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #

Highlights:

-Consolidated first quarter net sales increased 61% to $47.3 million;

-Wholesale net sales increased 72%;

-Retail store net sales increased 22%; and

-Operating income of $1.3 million compared to an operating loss of $6.4 million in the prior year period.

 

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #

Company’s overall gross profit for the quarter increased to $21.5 million from $14.3 million in the prior year comparative period, or a 50% increase. The overall gross margin in the first quarter of fiscal 2014 was 45% compared to 49% in the first quarter of fiscal 2013. 

 

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #

Impacting company’s gross profit and gross margins for the quarter was a non-cash charge of approximately $1.0 million related to the fair value step up of inventory acquired in connection with the acquisition of Hudson that was subsequently sold in the first quarter of fiscal 2014. Excluding this charge, the gross margin for the first quarter of fiscal 2014 would have been 47%. Operating expense in the first quarter of fiscal 2014 was $20.2 million compared to $20.7 million a year ago. 

 

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #

Operating expense includes approximately $165,000 in transaction expenses associated with the acquisition of Hudson and for the first quarter of fiscal 2013, includes an $8.7 million expense related to the contingent consideration buy out expense in connection with the new agreement entered into with Mr. Joe Dahan in February 2013. Excluding the transaction expenses, the operating expense would have been $20.0 million for the first quarter of fiscal 2014. The operating income was $1.3 million compared to an operating loss of $6.4 million in the prior year comparative period. 

 

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #

Company had a net loss of $2.2 million compared to $6.4 million in the prior year period. As a result, the fully diluted loss per share was $0.03 for the first quarter of fiscal 2014 compared to a fully diluted loss per share of $0.10 in same period a year ago.

 

For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #

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For the first quarter ended February 28, 2014, overall net sales were $47.3 million compared to $29.4 million in the prior year comparative period, #