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 $3.1m."
He added: "Our earlier commitment to introduce more fashion offerings, like printed denim and our ‘55 Colors,' translated into growth.
"As we move into our third quarter with fall and back-to-school shopping, we are excited about our new product offerings with our wholesale partners and the expansion of our else brand with Macy's."
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
This report analyzes the worldwide market for Denim Jeans in US$ Million and Million Units....
Four US retailers have agreed to pay penalties totalling US$1.26m for allegedly falsely labelling textiles as made from bamboo, when they were actually rayon. ...
US denim company Joe's Jeans has received a letter from the Nasdaq Stock Market saying it is not complying with its rules because the closing bid price per share of its common stock has been below US$...
- Garment manufacturers eye Myanmar outsourcing
- PSF 2014: Shifting focus from cost to consumer
- PSF 2014: No one size fits all in apparel sourcing
- Bangladesh industry development moving backwards
- Mexico's shoe makers blame their woes on China
- Adidas China supplier in discussions over strike
- Bangladesh PM asks clothing buyers to pay more
- Jones CEO to depart as Sycamore splits business
- Gap issues mirror widespread industry challenges
- Workers strike at Adidas supplier shoe factory
- Ethiopia – the emerging textile and clothing industry
- Antimicrobial fibres, fabrics and apparel: innovative weapons against infection
- Trade and trade policy: clothing imports, consumer expenditure and trends in five emerging markets: Brazil, Colombia, India, Kazakhstan and Peru, 4th quarter 2013
- Jeans in Italy
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects