US: Joe's Jeans moves to Q4 net loss
- Q4 net loss of US$1.8m
- Gross margin of 43%
- Sales up 50%
Apparel business Joe's Jeans has moved to a net loss in the fourth quarter on the back of one-off charges.
In the three months to the end of November, the company recorded a net loss of US$1.8m compared to a profit of $2m in the prior year period.
The firm said it incurred a non-cash charge of around $2m related to inventory acquired in connection with its acquisition of Hudson Clothing.
Gross margin was 43% compared to 47% in the comparable quarter of fiscal 2012. Net sales increased 50% to $50.5m.
"With just two months of our Hudson subsidiary included in our fourth quarter results, we are pleased to report record consolidated revenues and gross profits," said CEO Marc Crossman. "Excluding the transaction expenses and inventory charge, our operating income would have doubled from the prior year period."
Marc Crossman, the chief executive of US apparel business Joe's Jeans, has tendered his resignation....
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