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Innovo Group reports fiscal 2006 Q3 results

06
Oct '06
Innovo Group Inc announced financial results for the third quarter ended August 26, 2006.

For the quarter ended August 26, 2006, net sales from continuing operations were $12.4 million compared to net sales of $12.6 million in the prior year period, a 1 percent decrease.

The company reported a narrower loss from continuing operations of $429,000, or ($0.01) per share, compared to a loss from continuing operations of $592,000, or ($0.02) per share in the corresponding period a year ago.

The Company's Joe's Jeans branded sales during the third quarter increased by 2 percent over the prior year comparative period to $12.4 million from $12.2 million during the third quarter of fiscal 2005.

The slight decline in overall net sales was attributable to decreased sales in non-Joe's Jeans branded products of $77,000 during the third quarter versus $441,000 a year ago, which reflects the Company's plan to exit all other businesses to focus on its Joe's Jeans business.

Overall gross margins for the third quarter increased to 40 percent versus 38 percent in the corresponding period a year ago. The change in gross margins was attributable to the Company's decision to move the majority of its production to Mexico during 2006.

SG&A expenses increased slightly to $5,168,000 from $5,166,000 during the third quarter of 2005 due to rate increases in its advertising, increased sample costs, costs associated with the commencement of the Company's product fulfillment agreement with Pixior, LLC and certain one-time expenses associated with the move of the Company's headquarters.

SG&A expenses were offset by decreased employee costs and professional fees.

Innovo Group Inc


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