Joe’s Jeans Inc. (the “Company”) (NASDAQ: JOEZ) today announced
financial results for the third quarter ended August 31, 2012.
Highlights were:
- Consolidated third quarter net sales
increased 25% to $30.3 million;
- Retail store net sales increased
24%;
- Retail same store sales increased
7%;
- Wholesale net sales increased 26%;
and
- Operating income increased to $2.7
million for the third quarter of fiscal 2012.
For the third quarter of fiscal 2012, overall net sales were
$30.3 million compared to $24.2 million from the prior year
comparative period, or a 25% increase. Our overall gross profit for
the quarter increased to $13.8 million from $9.7 million in the
prior year comparative period, or a 42% increase. Our overall gross
margin in the third quarter of fiscal 2012 was 46% compared to 40%
in the prior year period. Our increase was a result of the negative
impact of a $1.6 million inventory write down in the year ago
period. Operating expense in the third quarter of fiscal 2012 was
$11.1 million compared to $12.4 million in the prior year period.
Excluding the impact of an asset impairment charge of $1.14 million
in the year ago quarter, operating expenses would have been down
slightly despite the fact that we operated four more stores this
year than a year ago. We generated operating income of $2.7 million
compared to an operating loss of $2.6 million in the prior year
comparative period. Excluding the non-recurring charges a year ago,
our operating income still increased dramatically to $2.7 million
for the quarter. Fully diluted earnings per share were $0.02 for
the third quarter of fiscal 2012 compared to a loss per share of
$(0.03) in same period a year ago.
Marc Crossman, President and Chief Executive Officer, commented,
“We are pleased to report another strong quarter of sales increases
with a 25% increase over the prior year period. Both our wholesale
and retail segments posted healthy increases. At 18% of sales, our
retail segment continued to provide diversification to our revenue
base. These positive top line results led to our operating income
increasing to $2.7 million for the quarter.”
Retail
Net sales from our retail segment in the third quarter increased
24% to $5.5 million compared to $4.4 million in the prior year
comparative period. The growth in retail sales was driven by a 7%
same store sales increase and revenue contribution from 25 stores
compared to 21 stores in the prior year period. Gross margins for
our retail segment increased to 71% from 67% in the year ago
period. Excluding the asset impairment charge a year ago, retail
operating expense increased due to the expansion of our store base.
Overall, for the third quarter of fiscal 2012, we had operating
income of $140,000 compared to an operating loss of $1.3 million a
year ago for our retail segment.
Mr. Crossman commented, “Our retail sales continue to perform
well above our expectations, and in particular, our full price
retail stores. Our full price retail stores continued to post
double digit same store sales gains.”
Wholesale
Net sales for our wholesale segment in the third quarter of
fiscal 2012 increased 26% to $24.8 million from $19.7 million in
the prior year period. Sales gains came from our Joe’s men’s and
international sales channels and the addition of sales from our new
brand, else™. Gross margins for our wholesale segment were 40% for
the third quarter of fiscal 2012 compared to 34% in the prior year
comparable quarter. Impacting our gross margins in the third
quarter of fiscal 2011 was an inventory write down of $1.6 million.
For the third quarter, wholesale operating expense decreased to
$3.4 million from $3.6 million a year ago. As a result of our
improved sales and decreased operating expense, our wholesale
operating income increased to $6.5 million in the third quarter of
fiscal 2012 compared to $3.1 million in the prior year comparative
period.
Mr. Crossman commented, “We continue to be pleased with the
growth trajectory of our men’s channel as we continue to take
market share from our competitors.” Crossman continued, “In
addition, the expansion of our else™ brand with Macy*s from 149 to
314 doors proved to be an added growth driver within our wholesale
channel.”
Corporate and Other
For the third quarter of fiscal 2012, our corporate and other
expenses were $4.0 million compared to $4.5 million in the third
quarter a year ago. Corporate and other expenses decreased due to
reduced print and other advertising commitments and professional
fees.
The Company will host a conference call on Monday, October 15,
2012 at 4:30 p.m. Eastern Time with the Company’s Chief Executive
Officer, Marc Crossman, and its Chief Financial Officer, Hamish
Sandhu, to discuss financial results for the third quarter ended
August 31, 2012.
To access the live call, please dial 1-800-264-7882 (U.S.) or
1-847-413-3708 (Toll or International). The conference ID number
and participant passcode is 33476008 and is entitled the “Q3 2012
Joe’s Jeans Inc. Earnings Conference Call.” The information
provided on the teleconference is only accurate at the time of the
conference call, and the Company will take no responsibility for
providing updated information. A telephone replay of the conference
call will be available beginning at 7:00 p.m. Eastern Time on
October 15, 2012 until 11:59 p.m. Eastern Time on October 22, 2012
by dialing 1-888-843-7419 (U.S.) or 1-630-652-3042 (Toll or
International) and using the conference passcode 33476008#. In
addition, the conference call will be archived for two weeks on the
Company’s website at www.joesjeans.com.
JOE'S JEANS INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share data) Three months
ended August 31, 2012
August 31, 2011 (unaudited) Net sales $
30,304 $ 24,151 Cost of goods sold
16,486
14,407 Gross profit 13,818 9,744
Operating expenses Selling, general and administrative 10,778
10,919 Depreciation and amortization 363 323 Retail stores
impairment
- 1,144
11,141 12,386
Operating income (loss) 2,677 (2,642 ) Interest expense
63 111 Income (loss) before
provision for taxes 2,614 (2,753 ) Income taxes (benefit)
1,224 (715 ) Net
income (loss)
$ 1,390 $
(2,038 ) Earnings (loss) per
common share - basic
$ 0.02
$ (0.03 ) Earnings
(loss) per common share - diluted
$ 0.02
$ (0.03 ) Weighted
average shares outstanding Basic 65,676 64,128 Diluted 66,756
64,128
The following table sets forth certain segment information for
the three months ended August 31, 2012 and 2011, respectively:
JOE'S JEANS INC. AND SUBSIDIARIES Segment
Results (in thousands)
Three months ended August 31,
2012 August 31, 2011
(unaudited) Net sales: Wholesale $ 24,778 $ 19,705 Retail
5,526 4,446
$ 30,304 $
24,151 Gross profit: Wholesale $ 9,911 $
6,754 Retail
3,907
2,990 $ 13,818
$ 9,744 Operating income
(loss): Wholesale $ 6,514 $ 3,135 Retail 140 (1,248 ) Corporate and
other
(3,977 )
(4,529 ) $
2,677 $ (2,642
)
About Joe’s Jeans Inc.
Joe’s Jeans Inc. designs, produces and sells apparel and
apparel-related products to the retail and premium markets under
the Joe's® brand and related trademarks. More information is
available at the Company website at www.joesjeans.com.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this document involved estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words “intend,”
“believe,” “estimate,” “project,” “expect” or similar expressions.
Any forward-looking statement inherently involves risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to: the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the risk that changes in
general economic conditions, consumer confidence, or consumer
spending patterns will have a negative impact on the Company’s
financial performance or strategies; the highly competitive nature
of the Company’s business in the United States and internationally
and its dependence on consumer spending patterns, which are
influenced by numerous other factors; the Company’s ability to
respond to the business environment and fashion trends; continued
acceptance of the Joe’s® brand in the marketplace; the ability to
generate positive cash flow from operations; competitive factors,
including the possibility of major customers sourcing product
overseas in competition with our products; the risk that acts or
omissions by the Company’s third party vendors could have a
negative impact on the Company’s reputation; a possible oversupply
of denim in the marketplace; and other risks. The Company discusses
certain of these factors more fully in its additional filings with
the SEC, including its last annual report on Form 10-K filed with
the SEC, and this release should be read in conjunction with that
annual report together with all of the Company’s other filings made
with the SEC through the date of this release. The Company urges
you to consider all of these risks, uncertainties and other factors
carefully in evaluating the forward-looking statements contained in
this release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
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