I also refer you to our reports that are filed with the SEC which includes our 2010 annual report on Form 10-K filed today. This report includes information that could also cause our actual results to be materially different from those contained in any projections which may be made during this conference call. By making any forward-looking statements, the company undertakes no obligation to update them for revisions or changes after today.
Finally, a copy of our earnings release and a recording of this call will be available on our website www.joesjeans.com and a telephone replay will be available for one week from today.
Now I’ll turn the call over to Marc.
Marc CrossmanThanks, Lori and thanks to everyone for joining us today. I’ll speak about the fourth quarter results, and then I’ll turn the call over to Hamish for a discussion of our financials. Finally, we will end with a Q&A session. In the fourth quarter, our net sales declined 7% from $25.2 million to $23.6 million. The sales decline was entirely attributable to our women’s wholesale business. The domestic women’s wholesale business, which is our largest and mature segment decreased double digits on a year-over-year basis. During the quarter, our consumer looked to new fabrics as a new catalyst for her next purchase. We did not capitalize on this trend with the right offering of cords, pontes, and super-stretch fabrics. We didn’t have enough newness in innovation of products to drive to the level sales we had last year, especially given that we were facing tough comps against last year’s successful Jean legging. That said, we have made mid-stride adjustments to our Spring and Summer lines and we are introducing revamped fall 2011 line next at (inaudible). For example, we are launching new high rise bodies and skinny flare and wide-leg silhouettes. We are also introducing a number of newly developed fabrics into our fall line. We are injecting these innovative fabrics and fits into our fashion and replenishment style. Separately, we are excited about our new skinny micro-flare body that we will begin shipping at the end of this month. We plan to utilize print advertising and in-store marketing to support our new products initiatives going forward such as the skinny micro-flare.
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