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TheStreet Open House

Joe's Jeans' CEO Discusses Q1 2012 Results - Earnings Call Transcript

We continue to be pleased with the results of each and every store in our base, especially our full-priced stores. We recently announced the opening of our 23rd retail store in South Florida at the Aventura Mall. We continue to improve our store design and expect the build out for this store to be roughly $200,000. Given the store will be opened next week, we are pleased with our quick turnaround time of 4 weeks between lease signing and store opening. In addition to Aventura, we have 2 signed leases and expect to have another several signed leases in the coming months.

Our wholesale sales increased by 19% for the quarter, with sales of $20.8 million compared to $17.5 million in the prior year period. Sales gains came from both our men's and women's sales channels and the addition of sales attributable to our new brand, else. Our men's wholesale sales continue to exceed our expectations, increasing 58% over the prior year period, with strong growth in both denim and tees. Similar to last quarter, we saw increases in our door count, our average sales per door and presentation sizes at our retailers. Our Joe's women's wholesale sales increased this quarter, reversing the downtrend of the last several quarters. Most encouraging is the fact that we saw increases in Joe's women's denim, which further built upon the trends from the fourth quarter. As we have seen over the last several months in our company-owned stores, our fashion product is resonating with our customer. Based on the results of the last couple of quarters, we are cautiously excited that we are seeing the same trends filter down to our wholesale channel.

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