Innovo reports branded apparel sales up $9.7mn in June

08 Jul '05

5 min read

Apparel & accessory seller & marketer Innovo Group Inc announced net sales of $29.4 million for its second quarter ended May 28, 2005, a 15% increase over net sales of $25.6 million in the prior year comparative period. For the second quarter, the Company recorded net income from continuing operations of $423,000, or $0.01 per share.

- The Company's Joe's Jeans subsidiary experienced an increase of over 100% in net sales during the second quarter compared to the prior year comparative period.

- Branded apparel sales were $9.7 million during the second quarter compared to $7.0 million in the prior year comparative period, a 38% increase.

- The Company's private label apparel sales were $19.7 million compared to $18.5 million in the second quarter of 2004, a 6% increase.

- The Company's overall gross margins increased to 25% for the second quarter of fiscal 2005 from 10% in the prior year
comparative period.

- The Company generated net income from continuing operations of $423,000 during the period.

Jay Furrow, CEO of Innovo, commented: "We are pleased with the first six months of fiscal 2005 and continue to be encouraged with the overall direction of our business. With the Company's improved financial performance, we are optimistic about the Company's ability to continue to successfully execute on our denim lifestyle strategy by capitalizing on our existing businesses and other opportunities that complement our overall strategy."

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