Joe’s Jeans Inc. (the “Company”) (NASDAQ: JOEZ) today announced
financial results for the first quarter ended February 29, 2012.
Highlights were:
- Consolidated first quarter net sales
increased 23% to $26.0 million;
- Retail store net sales increased
40%;
- Retail same store sales increased
22%;
- Wholesale net sales increased 19%;
and
- Operating income increased 244% to $1.8
million for the first quarter of fiscal 2012.
For the first quarter of fiscal 2012, overall net sales were
$26.0 million compared to $21.2 million from the prior year
comparative period, or a 23% increase. Our overall gross profit for
the quarter increased to $13.1 million from $10.4 million in the
prior year comparative period, or a 26% increase. Our overall gross
margin in the first quarter of fiscal 2012 was 50% compared to 49%
in the prior year first quarter. Operating expense in the first
quarter of fiscal 2012 was $11.3 million compared to $9.9 million
in the prior year period. Operating expenses increased primarily as
a result of operating four more retail stores this period than the
year ago period and an increase in advertising expenses. We
generated operating income of $1.8 million compared to $523,000 in
the prior year comparative period and fully diluted earnings per
share of $0.01 for the first quarter of fiscal 2012 compared to
earnings per share of $0.00 in same period a year ago.
Marc Crossman, President and Chief Executive Officer, commented,
“We are extremely pleased with our results for the quarter. The
healthy increase in consolidated sales is indicative of two trends
that we started seeing in the fourth quarter of fiscal 2011. First,
our wholesale business has not only stabilized, but is growing
across all channels. Second, our retail strategy continues to
provide material diversification to our revenue base, now
representing 20% of our revenue for the quarter.” Crossman
continued, “Because we generated healthy increases in both retail
and wholesale sales while maintaining expenses, this translated
into strong growth in our operating income.”
Retail
Net sales from our retail segment in the first quarter increased
40% to $5.2 million compared to $3.7 million in the prior year
comparative period. The growth in retail sales was driven by
revenue contribution from growing our store base from 18 to 22
stores in the comparative periods and a 22% same store sales
increase. Gross margins for our retail segment increased to 70%
from 68% in the year ago period. Retail operating expense increased
as a result of additional expenses associated with expanding our
store base compared to the prior year period. Overall, for the
first quarter, we had operating income of $253,000 compared to an
operating loss of $119,000 a year ago for our retail segment.
Mr. Crossman commented, “Our retail stores posted same store
sales gains that had a significant contribution to our growth. In
particular, we are pleased with the same store sales gains at our
full price stores, which increased by over 70%. With the first half
of our second quarter underway, we are continuing to see solid same
store sales growth in our stores.”
Wholesale
Net sales for our wholesale segment in the first quarter of
fiscal 2012 increased by 19% to $20.8 million from $17.5 million in
the prior year period. Sales gains came from both our men and
women’s sales channels and the addition of sales attributable to
our new brand else™. Gross margins for our wholesale segment were
46% for the first quarter of fiscal 2012 compared to 45% in the
prior year comparable quarter. For the first quarter, wholesale
operating expense increased by $375,000 to $3.8 million from $3.5
million a year ago. As a result of our improved sales and gross
margin, our wholesale operating income increased by $1.2 million to
$5.7 million in the first quarter of fiscal 2012 compared to $4.4
million in the prior year comparative period.
Mr. Crossman commented, “Our efforts during the past few
quarters in revamping our core line, creating new, unique fashion
items in innovative fabrics, prints and colors, and investing in
advertising have had positive results on our sales.” Crossman
continued, “Finally, our else™ brand, which we only commenced
shipping in February, contributed to our top line growth and we are
pleased with the addition of this brand into our portfolio.”
Corporate and Other
For the first quarter of fiscal 2012, our corporate and other
expenses were $4.1 million compared to $3.8 million in the first
quarter a year ago. Corporate and other expenses increased due to
advertising commitments for our “55 Colors” ad campaign that we
launched in the fourth quarter of fiscal 2011.
The Company will host a conference call on Thursday, April 12,
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 first quarter ended
February 29, 2012.
To access the live call, please dial (866) 700-5192 (U.S.) or
(617) 213-8833 (International). The conference ID number and
participant passcode is 81762443 and is entitled the “Q1 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 6:30 p.m. Eastern Time on April 12, 2012
until 11:59 p.m. Eastern Time on April 18, 2012 by dialing (888)
286-8010 (U.S.) or (617) 801-6888 (international) and using the
conference passcode 92695462. 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 29, 2012
February 28, 2011 (unaudited) Net sales
$ 25,962 $ 21,180 Cost of goods sold
12,878
10,795 Gross profit 13,084 10,385
Operating expenses Selling, general and administrative 11,009 9,589
Depreciation and amortization
276
273 11,285
9,862 Operating income 1,799 523 Interest expense
111 125 Income before
provision for taxes 1,688 398 Income taxes
894
208 Net income
$ 794
$ 190 Earnings per common share -
basic
$ 0.01 $
0.00 Earnings per common share - diluted
$ 0.01 $ 0.00
Weighted average shares outstanding Basic 65,043 63,697
Diluted 65,338 64,617
The following table sets forth certain segment information for
the three months ended February 29, 2012 and February 28, 2011,
respectively:
JOE'S JEANS INC. AND SUBSIDIARIES Segment Results
(in thousands) Three
months ended February 29, 2012
February 28, 2011 (unaudited) Net sales:
Wholesale $ 20,802 $ 17,497 Retail
5,160
3,683 $ 25,962
$ 21,180 Gross
Profit: Wholesale $ 9,498 $ 7,893 Retail
3,586
2,492 $
13,084 $ 10,385
Operating income (loss): Wholesale $ 5,671 $ 4,441
Retail 253 (119 ) Corporate and other
(4,125
) (3,799 )
$ 1,799 $
523
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.
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