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$1.26m for allegedly falsely labelling textiles as made from bamboo, when they were actually rayon. ...
US denim company Joe's Jeans has received a letter from the Nasdaq Stock Market saying it is not complying with its rules because the closing bid price per share of its common stock has been below US$...
- Can Gap maintain its momentum minus Larsson?
- Brands back Cambodia industry-wide wage bargaining
- Patagonia's CSR commitments re-shaping the sector
- Can robotics redefine apparel manufacturing?
- Zalando: profit is so last season
- Unions agree proposed Cambodia minimum wage
- New CEO may focus on Ralph Lauren supply chain
- Nike collaborates on low-impact textile challenge
- Old Navy's Larsson to replace Ralph Lauren as CEO
- Patagonia ramps up Fair Trade Certified apparel
- The future market potential for smart garments and e-textiles
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Global market review of lingerie - forecasts to 2020
- Outdoor performance apparel: peaks, valleys, and green fields