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Joe’s Jeans Reports 25% Increase In Net Sales For The 3rd Quarter Of Fiscal 2012

Mr. Crossman commented, “We continue to be pleased with the growth trajectory of our men’s channel as we continue to take market share from our competitors.” Crossman continued, “In addition, the expansion of our else™ brand with Macy*s from 149 to 314 doors proved to be an added growth driver within our wholesale channel.”

Corporate and Other

For the third quarter of fiscal 2012, our corporate and other expenses were $4.0 million compared to $4.5 million in the third quarter a year ago. Corporate and other expenses decreased due to reduced print and other advertising commitments and professional fees.

The Company will host a conference call on Monday, October 15, 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 third quarter ended August 31, 2012.

To access the live call, please dial 1-800-264-7882 (U.S.) or 1-847-413-3708 (Toll or International). The conference ID number and participant passcode is 33476008 and is entitled the “Q3 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 October 15, 2012 until 11:59 p.m. Eastern Time on October 22, 2012 by dialing 1-888-843-7419 (U.S.) or 1-630-652-3042 (Toll or International) and using the conference passcode 33476008#. 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
August 31, 2012 August 31, 2011
(unaudited)
Net sales $ 30,304 $ 24,151
Cost of goods sold   16,486   14,407  
Gross profit 13,818 9,744
 
Operating expenses
Selling, general and administrative 10,778 10,919
Depreciation and amortization 363 323
Retail stores impairment   -   1,144  
  11,141   12,386  
Operating income (loss) 2,677 (2,642 )
Interest expense   63   111  
Income (loss) before provision for taxes 2,614 (2,753 )
Income taxes (benefit)   1,224   (715 )
Net income (loss) $ 1,390 $ (2,038 )
 
Earnings (loss) per common share - basic $ 0.02 $ (0.03 )
 
Earnings (loss) per common share - diluted $ 0.02 $ (0.03 )
 
Weighted average shares outstanding
Basic 65,676 64,128
Diluted 66,756 64,128

The following table sets forth certain segment information for the three months ended August 31, 2012 and 2011, respectively:

 
JOE'S JEANS INC. AND SUBSIDIARIES
Segment Results
(in thousands)
     
Three months ended
August 31, 2012 August 31, 2011
(unaudited)
Net sales:
Wholesale $ 24,778 $ 19,705
Retail   5,526     4,446  
$ 30,304   $ 24,151  
 
Gross profit:
Wholesale $ 9,911 $ 6,754
Retail   3,907     2,990  
$ 13,818   $ 9,744  
 
Operating income (loss):
Wholesale $ 6,514 $ 3,135
Retail 140 (1,248 )
Corporate and other   (3,977 )   (4,529 )
$ 2,677   $ (2,642 )

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; 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 together with all of the Company’s other filings 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.

Copyright Business Wire 2010
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