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Innovo's Q2 loss deepens

Jun '06
Branded apparel and accessory consumer Innovo Group Inc announced its results from continuing operations for the second quarter ended May 27, 2006. The Company anticipates filing its Form 10-Q for the period ended May 27, 2006 on or before its due date of July 6, 2006 with its full financial results for the second quarter.

For the quarter ended May 27, 2006, net sales from continuing operations were $9.8 million compared to net sales from continuing operations of $9.7 million in the prior year period.

The company reported a loss from continuing operations of ($2.5 million), or ($0.08) per share, versus a loss from continuing operations of ($950,000), or ($0.03) per share in the corresponding period a year ago. During the second quarter, the company took a write down of approximately $469,000 related to remaining raw materials for indie™ apparel that the Company did not produce due to its exit from this line of business.

Marc Crossman, President and Chief Executive Officer of Innovo, commented, "We are very pleased with the increase in Joe's Jeans domestic sales we experienced during the second quarter compared to both the prior year comparative period and on a sequential basis, which was fueled by strong department store growth in our women's business and meaningful sales of our newly launched Joe's Jeans men's line.

However, weaker international sales slightly offset our domestic results and led to a small decline in our overall Joe's Jeans business compared to the period a year ago. We move forward committed to improving our international business while at the same time capitalizing on the positive momentum we have created for the Joe's brand here in the U.S."

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