Joe’s Jeans Inc. (the “Company”) (NASDAQ: JOEZ) today announced
financial results for the fourth quarter ended November 30, 2012.
Highlights were:
- Consolidated fourth quarter net sales
increased 33% to $33.7 million;
- Retail store net sales increased
18%;
- Wholesale net sales increased 37%;
- Retail same store sales increased 6%;
and
- Operating income increased to $3.2
million for the fourth quarter of fiscal 2012.
For the fourth quarter ended November 30, 2012, overall net
sales were $33.7 million compared to $25.4 million in the prior
year comparative period, or a 33% increase. Our overall gross
profit for the quarter increased to $15.7 million from $11.7
million in the prior year comparative period, or a 34% increase.
Our overall gross margin in the fourth quarter of fiscal 2012 was
47% compared to 46% in the fourth quarter of fiscal 2011. Operating
expense in the fourth quarter of fiscal 2012 was $12.5 million
compared to $11.8 million a year ago. Operating expense increased
primarily as a result of increased costs related to operating six
more stores since the end of our fourth quarter of fiscal 2011. We
generated operating income of $3.2 million compared a loss of
$131,000 in the prior year comparative period. Fully diluted
earnings per share was $0.03 for the fourth 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 pleased with our results for the fourth quarter of fiscal
2012. We generated operating income across all four quarters in
fiscal 2012, which resulted in an increase to our cash balance and
enabled our ability to fund new store openings from cash flow from
operations. In addition, the increases in our net sales and gross
profits coupled with maintaining our operating expenses all
contributed to and had a positive impact on our bottom line.”
Retail
Net sales from our retail segment in the fourth quarter
increased 18% to $7.0 million compared to $5.9 million in the prior
year comparative period. The growth in retail sales was driven by
revenue contribution from growing our store base from 22 to 28
stores in the comparative periods and a 6% same store sales
increase. Gross margins for our retail segment increased to 68%
from 65% 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
fourth quarter, we had operating income of $526,000 compared to
$496,000 a year ago for our retail segment.
Mr. Crossman commented, “We continued our upward trajectory in
fiscal 2012 from our retail segment. We continue to be pleased with
the performance of our new and existing stores, especially with our
same store sales increase of 6% in the face of tough promotional
activity from our competitors during the quarter and from
promotions in our own stores during the year ago comparable
period.”
Wholesale
Net sales for our wholesale segment in the fourth quarter of
fiscal 2012 increased 37% to $26.8 million compared to $19.5
million in the year ago period. Within our wholesale business, both
of our men’s and women’s Joe’s® sales channels experienced growth
and we benefited from sales from our else™ brand. Gross margins for
our wholesale segment were 41% for the fourth quarter of fiscal
2012 compared to 40% in the prior year comparable quarter. For the
fourth quarter, wholesale operating expense increased to $3.7
million compared to $3.2 million in the year ago period. Our
wholesale operating income increased to $7.3 million in the fourth
quarter of fiscal 2012 compared to $4.7 million in the prior year
comparative period.
Mr. Crossman commented, “During the quarter, we were pleased to
see our women’s Joe’s® wholesale business increase as our Vintage
Reserve and revamped core basics brought back customers. These
items, layered in with a growing men’s business and our else™
brand, allowed our wholesale channel to have healthy growth for the
quarter.”
Corporate and Other
For the fourth quarter of fiscal 2012, our corporate and other
expenses were $4.7 million compared to $5.3 million in the fourth
quarter a year ago. Corporate and other expenses decreased due to
decreases in our advertising commitments for print and other
advertising and professional fees.
The Company will host a conference call on Thursday, February
21, 2013 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 fourth quarter
and fiscal year ended November 30, 2012.
To access the live call, please dial 1(800) 264-7882 (U.S.) or
(847) 413-3708 (International). The conference ID number and
participant passcode is 34267908 and is titled the “Q4 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 February 21,
2013 until 3:00 a.m. Eastern Time on March 1, 2013 by dialing
1(888) 843-7419 (U.S.) or 1 (630) 652-3042 (International) and
using the conference passcode 34267908#. 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 November 30, 2012
November 30, 2011 (unaudited) Net
sales $ 33,736 $ 25,388 Cost of goods sold
18,028 13,674 Gross profit
15,708 11,714 Operating expenses Selling, general and
administrative 12,062 11,564 Depreciation and amortization
477 281
12,539 11,845 Operating
income (loss) 3,169 (131 ) Interest expense
99
119 Income (loss) before provision for
taxes 3,070 (250 ) Income taxes provision
1,107
18 Net income (loss)
$
1,963 $ (268 )
Earnings (loss) per common share - basic
$
0.03 $ (0.00 )
Earnings (loss) per common share - diluted
$
0.03 $ (0.00 )
Weighted average shares outstanding Basic 66,010 64,391
Diluted 67,175 64,391
The following table sets forth certain segment information for
the three months ended November 30, 2012 and 2011,
respectively:
JOE'S JEANS INC. AND SUBSIDIARIES Segment
Results (in thousands)
Three
months ended November 30, 2012
November 30, 2011 (unaudited) Net sales:
Wholesale $ 26,783 $ 19,512 Retail
6,953
5,876 $ 33,736
$ 25,388 Gross
profit: Wholesale $ 10,982 $ 7,875 Retail
4,725
3,839 $
15,707 $ 11,714
Operating income (loss): Wholesale $ 7,296 $ 4,715
Retail 526 496 Corporate and other
(4,653
) (5,342 )
$ 3,169 $
(131 )
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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