Joe's Jeans Reports 23% Increase in Net Sales for the 1st Quarter of Fiscal 2012

Joe's Jeans

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.