US: Joe's Jeans posts second quarter profit jump
By Petah Marian | 17 July 2012
- 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 $3.1m."
He added: "Our earlier commitment to introduce more fashion offerings, like printed denim and our ‘55 Colors,' translated into growth.
"As we move into our third quarter with fall and back-to-school shopping, we are excited about our new product offerings with our wholesale partners and the expansion of our else brand with Macy's."
Sectors: Apparel, Finance, Retail
Companies: Joe’s Jeans, Macy’s
View next/previous articles
17 Jul 2012 -
Currently reading -
US: Joe's Jeans posts second quarter profit jump
17 Jul 2012 -
Related research
This report analyzes the worldwide market for Denim Jeans in US$ Million and Million Units....
Macy's | Verdict Company Briefing
A new one-stop destination for unique data and opinion on Macy's offer. Targeted at retailers, and stakeholders of the department store chain, we assess its performance, strategic direction and provide Verdict's view on its future....
Macy's, Inc. (M) - Financial and Strategic SWOT Analysis Review
Macy’s, Inc. (Macy’s), formerly Federated Department Stores, Inc. is a retailing company.The company operates department stores and home stores. The company through its stores offers apparels for men, women and children; accessories; footwear; cosmet...
Related articles
There are currently no comments on this article
Be the first to comment on this article