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."
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