swung to a second-quarter profit Thursday, boosted by strong sales at its Joe's Jeans unit.
The Los Angeles-based apparel company earned $423,000, or a penny a share, from continuing operations in the quarter ended May 28. That reverses the year-ago continuing operations loss of $6 million, or 21 cents a share.
Sales rose 15% from a year ago to $29.4 million, led by a 38% gain in branded apparel sales and a 6% rise in private label goods. In particular, the company cited a doubling in sales of Joe's Jeans branded apparel products, "due to growth of Joe's Jeans in both the domestic and international markets."
"We are pleased with the first six months of fiscal 2005 and continue to be encouraged with the overall direction of our business," CEO Jay Furrow said. "With the company's improved financial performance, we are optimistic about the company's ability to continue to successfully execute on our denim lifestyle strategy by capitalizing on our existing businesses and other opportunities that complement our overall strategy."
Late Thursday, Innovo was off a dime at $2.22.