US: Joe’s Jeans doubles Q3 profit to US$2.2m
Denim-focused apparel company Joe's Jeans more than doubled its third quarter profit as sales soared 16%.
The US company also recorded a gross margin improvement to 49% from 42% in the same period last year.
Sales for the three months ended 31 August were up 16% to US$18.2m.
Net income rose to $2.2m, compared to $913,000 in the same period last year.
"These results reflect continued sales growth and gross margin improvement as a result of increases across all of our business segments, including women's, men's, international and kids', and from the shift in our sourcing from outside of the US," said Marc Crossman, Joe's Jeans president and CEO.
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Sales of jeans in the US have been driven by the popularity of premium denim in the last few years, including the extension of premium denim brands onto kids' racks, but sales are expected to slide ov...
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