US: Joe's Jeans "pleased" with narrower Q1 loss
- Q1 loss of $2.3m versus $6.4m
- Sales jump 61% to $47.3m
- Gross margin slips to 45% from 49%
Apparel business Joe's Jeans is "pleased" after reporting a narrower year-on-year loss during the first quarter, thanks to a 61% hike in sales.
Net income amounted to US$2.3m for the three months to 28 February, compared to a loss of $6.4m in the same period of last year.
Sales jumped 61% to $47.3m from $29.4m in the prior year. The company said these results reflect its $97.6m acquisition of Hudson Clothing Holdings.
Retail sales increased 22% to $7.7m from $6.3m last year, while wholesale revenues surged 72% to $39.6m against $23.1m in the year before.
Gross margin slipped to 45% from 49% during the period, primarily due to a $1m non-cash charge.
"With our first full quarter of operations of our Hudson subsidiary, we are pleased with our overall results for the quarter," said president and CEO Marc Crossman.
Help test our new apparel sourcing tool.
Marc Crossman, the chief executive of US apparel business Joe's Jeans, has tendered his resignation....
- What TTIP might mean for US, EU textiles & apparel
- Unlocks for the future fashion sourcing landscape
- EU eyes mandatory due diligence for apparel supply
- Geo-political uncertainty and how to survive it
- Four steps to reduce product defects
- US Q4 in brief – Finish Line, Oxford Industries
- Li & Fung forms supply chain partnership with PVH
- Sears has "substantial doubt" of future
- Vietnam limits hazardous chemicals in apparel
- World Bank commits $57bn to sub-Saharan Africa
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective