Joe's Jeans sees strong growth in men's line

15 Apr '08

3 min read

For the first quarter ended February 29, 2008, net sales improved to $15.2 million from $13.8 million in the first quarter ended February 24, 2007, a 10% increase, which included an increase of $975,000 in the first quarter of 2007 relating to an adjustment for returns.

Gross margins during the first quarter of 2008 were 45% compared to 37% for the prior year period, an 8 percentage point increase. SG&A during the first quarter ended February 29, 2008 was $5.6 million compared to $5.0 million in the first quarter of 2007, a 12% increase primarily due to: higher headcount to support the Company's continued growth and its planned retail strategy; increased distribution and shipment costs as a result of higher sales volume over the prior year period; and an increase in stock-based compensation expense during the first quarter of 2008.

The Company generated net income of $843,000 during the first quarter of 2008 compared to a net loss of $173,000 during the first quarter of 2007, translating into earnings per share of $0.01 on a fully diluted basis.

Joe's Jeans Inc

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