Innovo Misses on Sales

But the jeans company delivers an improved bottom-line performance.
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Innovo Group

(INNO)

posted a narrower-than-expected first-quarter loss Tuesday, but sales fell short of targets.

For its quarter ended Feb. 26, the Los Angeles-based maker of jeans lost $616,000, or 2 cents a share, from continuing operations. That compares with a year-ago continuing operations loss of $4.7 million, or 18 cents a share.

Sales rose 78% from a year ago to $23 million. Branded apparel sales rose 31% from a year earlier, while sales of private label apparel more than doubled, rising 104% to $17 million.

The results were mostly in line with Wall Street's expectations. Analysts surveyed by Thomson First Call had expected a loss of a nickel a share on revenue of $24.4 million.

Late Tuesday, Innovo shares fell 3 cents to $4.61.