Interviews
News Flash
175% growth in Joe's Jeans men's business
01 Mar '08
3 min read
The strong sales growth was driven primarily by solid performance in our women's department store and specialty store businesses, and 175% growth in our men's business from the prior year. Improvements to our gross margin were due to shifting our production outside the U.S."
Crossman continued, "As we move through 2008 and beyond, we plan to build on the success of the past year by continuing to grow our women's domestic wholesale business, expand our men's presence, open new distribution channels internationally to capture sales opportunities abroad, and see our new retail strategy materialize. We are truly excited for the opportunities that lie ahead for the Joe's brand, and look forward to another successful year for 2008."
For the year ended November 30, 2007, gross margins for the Joe's brand were 42% compared to 37% for the year ended November 25, 2006, a 5 percentage point increase. For the fourth quarter, gross margins for the Joe's brand were 42% compared to gross margins of 38% during the prior year comparative period, a 4 percentage point increase.
SG&A during the fourth quarter was $6.2 million compared to $5.2 million in the fourth quarter of 2006, a 19% increase primarily due to: higher distribution and shipment costs due to increased sales volume from the prior year period; higher professional fees associated with the acquisition of the Joe's brand; and, additional headcount to support the Company's retail strategy and its growth.
Crossman continued, "As we move through 2008 and beyond, we plan to build on the success of the past year by continuing to grow our women's domestic wholesale business, expand our men's presence, open new distribution channels internationally to capture sales opportunities abroad, and see our new retail strategy materialize. We are truly excited for the opportunities that lie ahead for the Joe's brand, and look forward to another successful year for 2008."
For the year ended November 30, 2007, gross margins for the Joe's brand were 42% compared to 37% for the year ended November 25, 2006, a 5 percentage point increase. For the fourth quarter, gross margins for the Joe's brand were 42% compared to gross margins of 38% during the prior year comparative period, a 4 percentage point increase.
SG&A during the fourth quarter was $6.2 million compared to $5.2 million in the fourth quarter of 2006, a 19% increase primarily due to: higher distribution and shipment costs due to increased sales volume from the prior year period; higher professional fees associated with the acquisition of the Joe's brand; and, additional headcount to support the Company's retail strategy and its growth.
Joe's Jeans Inc
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