More than that 4 million shares were sprinkled around the management infield and if I have my calculations right they collectively made about 3 million in market to market gains. Not bad for a down year (that’s about 500k per man + salary……… selling Jean’s.)
I am clearly in the wrong business.
I would guess if I spoke with Marc he would point to on-line sales. But I can listen to the recent conference call later. Right now I am listening to Van Morrison going to go watch the golf from 12 and see how they putt.
Joe's Jeans Inc. (the "Company") announced financial results for the third quarter ended August 31, 2009. Highlights were:
- Third quarter net sales increased 16% to $21.2 million
- Gross margins remained steady at 49%
- Operating income increased 22% to $2.8 million
- Net income was $1.9 million with earnings per share of $0.03
Gross profit for the third quarter of fiscal 2009 was $10.4 million compared to $9.0 million, a 16% increase. For the third quarter of fiscal 2009, gross margins were consistent at 49%. SG&A expenses during the third quarter of fiscal 2009 were $7.4 million compared to $6.5 million in the third quarter of fiscal 2008, a 13% increase. Mr. Crossman continued, "We continue to manage effectively our expense structure while launching new product categories, rolling out our company owned retail stores, and investing in advertising and promoting the brand for long-term, sustainable growth. The increases in SG&A were largely limited to expenses associated with the retail stores we opened during the fourth quarter of fiscal 2008."
Mr. Crossman concluded, "These results translated into net income for the third quarter of fiscal 2009 of $1.9 million and earnings per share of $0.03. We had what we believe to be a very productive quarter which we will continue to build upon in the fourth quarter of 2009 and into 2010."
Joe's Jeans Inc. engages in the design, development, and marketing of apparel products worldwide. Its product line comprises women's, men's, and children's denim jeans, pants, shirts, sweaters, jackets, and other apparel products under the Joe's brand. The company also offers handbags, belts, and small leather goods under a license agreement. It sells its products to various retailers, including department stores, specialty stores, and distributors, as well as through its retail stores. As of December 31, 2008, Joe's Jeans Inc. operated two retail stores in Chicago, Illinois and San Francisco, California, as well as two outlets in Central Valley, New York and Orlando, Florida. The company was formerly known as Innovo Group Inc. and changed its name to Joe's Jeans Inc. in October 2007. Joe's Jeans Inc. was founded in 1987 and is headquartered in Commerce, California