Joe's Jeans Inc. (the "Company") (NASDAQ: JOEZ) today announced
financial results for the first quarter ended February 28, 2010.
Highlights were:
-- Net sales increased 41% to $23.2 million over the prior year
comparative period
-- Gross profit increased 38% to $11.4 million over the prior year
comparative period
-- Operating income increased 36% to $1.4 million over the prior year
comparative period
For the first quarter ended February 28, 2010, overall net sales
were $23.2 million compared to $16.5 million from the prior year
comparative period, a 41% increase. Marc Crossman, President and
Chief Executive Officer, commented, "We are pleased to report for
the second consecutive quarter, all of our distribution channels,
namely, domestic women's, domestic men's, international and retail
experienced healthy sales increases."
Our gross profit for the quarter increased to $11.4 million from
$8.3 million from the prior year comparative period, or a 38%
increase. Our gross margins decreased by one percentage point to
49% compared to 50% in the prior year period. Our gross margin was
impacted by the addition of lower margin new product lines as we
continue to expand into new classifications. First quarter SG&A
was $9.7 million compared to $7.1 million a year ago. The increase
over last year is mostly attributable to additional headcount and
rent costs associated with our retail strategy and marketing and
advertising expenses as we launched a new campaign to support our
expansion into other product lines.
In the first quarter, our operating income was up 36% to $1.4
million compared to $1.0 million in the prior year comparative
period. Marc Crossman, President and Chief Executive Officer,
commented, "We were pleased with our ability to achieve such a
healthy increase in our operating income for our first quarter in
light of additional marketing and advertising expenses of
approximately $700,000 during this period. With the media campaign
around the launch of our new product classifications ending, we do
not expect to see significant increases in this area in future
periods."
Crossman continued, "Our first quarter continued the momentum
from our fourth quarter, as we signed leases for nine additional
branded retail stores, added a new shoe licensee, expanded our
product offerings and continued top line and operating income
growth."
The Company will host a conference call on Thursday, April 8,
2010 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 first quarter of
fiscal 2010. To access the live call, please dial (800) 510-0146
(U.S.) or (617) 614-3449 (International). The conference ID number
and participant passcode is 45491522 and is entitled the "Q1 2010
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 7:30 p.m. Eastern Time on April
8, 2010 until 11:59 p.m. Eastern Time on April 15, 2010 by dialing
(888) 286-8010 (U.S) or (617) 801-6888 (international) and using
the conference passcode 20596979. 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
--------------------------
February 28, February 28,
2010 2009
------------ ------------
(unaudited)
Net sales $ 23,184 $ 16,482
Cost of goods sold 11,818 8,216
------------ ------------
Gross profit 11,366 8,266
------------ ------------
Operating expenses
Selling, general and
administrative 9,734 7,085
Depreciation and amortization 213 135
------------ ------------
9,947 7,220
------------ ------------
Operating income 1,419 1,046
Interest expense (91) (106)
------------ ------------
Income before provision for taxes 1,328 940
Income taxes 634 140
------------ ------------
Net income $ 694 $ 800
============ ============
Earnings per common share - basic $ 0.01 $ 0.01
============ ============
Earnings per common share - diluted $ 0.01 $ 0.01
============ ============
Weighted average shares outstanding
Basic 61,034 59,724
Diluted 63,133 59,724
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; successful
implementation of any growth or strategic plans, including changes
and new product offerings; effective inventory management; the
Company's ability to continue to have access on favorable terms to
sufficient sources of liquidity necessary to fund ongoing cash
requirements of its operations, which access may be adversely
impacted by a number of factors, including the reduced availability
of credit generally and the substantial tightening of the credit
markets, including lending by financial institutions, who are
sources of credit for the Company, the recent increase in the cost
of capital, the level of the Company's cash flows, which will be
impacted by the level of consumer spending and retailer and
consumer acceptance of its products; 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 on Form 10-K, together with all of the Company's other
filings, including current reports on Form 8-K, 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.
Contact: Joe's Jeans Inc. Hamish Sandhu 323-837-3700 x 304
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