US: Fashion focus boosts Joe’s Jeans FY profit
- FY net profit US$24.5m, up from $4.9m
- Q4 sales up 42% to $25.2m
- CEO hails fashion denim focus
Apparel company Joe’s Jeans recorded a major surge in full-year net profit thanks to a tax gain and a renewed focus on fashion denim.
Net sales for the year to 30 November rose 15.8% to US$80.1m, boosting net income to $24.5m, well up on last year’s figure of $4.9m and helped by a $16.4m income tax benefit.
In the fourth quarter, net sales soared 42% to $25.2m, while net income was $20.5m, again boosted by the tax gain and well up on last year’s figure of $1.1m.
“The sales gains we made across all channels of distribution were the direct result of a renewed focus on fashion denim, a revamping of our core basic programme, and the successful introduction of two new product classifications,” said Joe’s Jeans president and CEO Marc Crossman.
Click here to view the company's full financial statement.
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