US: Joe's Jeans posts second quarter profit jump
- Net income increased 88.8% to US$1.4m
- Sales rose 16% to $28.6m
- Same-store sales up 10%
Denim brand Joe's Jeans has posted an 89% jump in second quarter net income on the back of rising sales.
The company said yesterday (16 July) that net income rose 88.8% to US$1.4m in the quarter ended 31 May. Sales increased 16% to $28.6m. Gross margin remained flat at 47%.
Retail sales rose 26% to $5.7m, driven by a 10% same-store sales hike combined with the contribution of three new stores. Wholesale revenue was up 14% to $22.9m.
"Both our domestic wholesale and retail segments posted healthy increases and our retail segment continued to provide diversification to our revenue base," said president and CEO Marc Crossman. "With these positive results, our operating income increased 82% to $3.1m."
He added: "Our earlier commitment to introduce more fashion offerings, like printed denim and our ‘55 Colors,' translated into growth.
"As we move into our third quarter with fall and back-to-school shopping, we are excited about our new product offerings with our wholesale partners and the expansion of our else brand with Macy's."
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
Four US retailers have agreed to pay penalties totalling US$1.26m for allegedly falsely labelling textiles as made from bamboo, when they were actually rayon. ...
US denim company Joe's Jeans has received a letter from the Nasdaq Stock Market saying it is not complying with its rules because the closing bid price per share of its common stock has been below US$...
- US fashion firms share their sourcing strategies
- Cost biggest barrier to Bangladesh RMG remediation
- How apparel retailers should react to Brexit
- Britain votes for Brexit – what happens next?
- Lies and statistics – the sustainability version
- Bangladesh firm comes top in World Textile Awards
- Columbia rain jacket a milestone in sustainability
- Ten key trends in apparel and footwear markets
- Myanmar factories prepare for compliance training
- ILO decent work in global supply chains criticised
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in China – Market Summary & Forecasts
- Nike Inc in Apparel and Footwear (World)