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Innovo reports branded apparel sales up $9.7mn in June
08 Jul '05
5 min read
Second Quarter Results Summary
For the three months ended May 28, 2005, our net sales increased to $29.4 million from $25.6 million in the prior year comparative period, a 15% increase.
The Company generated net income from continuing operations of $423,000 for the second quarter of 2005, or $0.01 per share, compared to a loss from continuing operations of $6.0 million during the prior year comparative period, or $0.21 per share.
As announced during the quarter, the Company completed the sale of its discontinued crafts business which resulted in a net income from discontinued operations of $282,000, or $0.01 per share, and a total net income during the second quarter of $705,000, or $0.02 per share.
The discussion below composes our financial results from our continuing operations during the relevant periods. We have excluded our financial results from our discontinued operations.
Net Sales
Net sales increased to $29.4 million in the second quarter of fiscal 2005 compared to $25.6 million in the second quarter of fiscal 2004, or a 15% increase. During the period, net sales of the Company's branded apparel increased to $9.7 million compared to $7.0 million in the prior year comparative period, a 38% increase.
Net sales of the Company's private label apparel increased to $19.7 million for the second quarter of 2005 compared to $18.5 million in the prior year comparative period, a 6% increase.
The increase in net sales in the second quarter of fiscal 2005 was primarily attributable to: (i) an increase of over 100% in our net sales of our Joe's Jeans branded apparel products due to growth of Joe's Jeans in both the domestic and international markets; (ii) a slight increase in sales to our private label customers in the apparel segment; (iii) overall strong demand for denim apparel products in the marketplace; and (iv) improved overall production and delivery performance compared to the second quarter of fiscal 2004.
For the three months ended May 28, 2005, our net sales increased to $29.4 million from $25.6 million in the prior year comparative period, a 15% increase.
The Company generated net income from continuing operations of $423,000 for the second quarter of 2005, or $0.01 per share, compared to a loss from continuing operations of $6.0 million during the prior year comparative period, or $0.21 per share.
As announced during the quarter, the Company completed the sale of its discontinued crafts business which resulted in a net income from discontinued operations of $282,000, or $0.01 per share, and a total net income during the second quarter of $705,000, or $0.02 per share.
The discussion below composes our financial results from our continuing operations during the relevant periods. We have excluded our financial results from our discontinued operations.
Net Sales
Net sales increased to $29.4 million in the second quarter of fiscal 2005 compared to $25.6 million in the second quarter of fiscal 2004, or a 15% increase. During the period, net sales of the Company's branded apparel increased to $9.7 million compared to $7.0 million in the prior year comparative period, a 38% increase.
Net sales of the Company's private label apparel increased to $19.7 million for the second quarter of 2005 compared to $18.5 million in the prior year comparative period, a 6% increase.
The increase in net sales in the second quarter of fiscal 2005 was primarily attributable to: (i) an increase of over 100% in our net sales of our Joe's Jeans branded apparel products due to growth of Joe's Jeans in both the domestic and international markets; (ii) a slight increase in sales to our private label customers in the apparel segment; (iii) overall strong demand for denim apparel products in the marketplace; and (iv) improved overall production and delivery performance compared to the second quarter of fiscal 2004.
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