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Shares of Joe's Jeans, Inc. (JOEZ) surged to a 52-week high during today's session after the Company announced its financial results on Thuesday for the third quarter ended August 31, 2009.
For the third quarter, overall net sales were $21.2 million compared to overall net sales of $18.2 million from the prior year comparative period, a 16% increase. Net income for the third quarter was $1.9 million, or EPS of $0.03, compared to EPS of $0.03 in the third quarter of fiscal 2009. This beat anaylsts' estimates for EPS of $0.02.
Marc Crossman, President and CEO of Joe's Jeans, commented in a conference call, "We had a very productive quarter. Essentially all of our distribution channels experienced sales increases in Q3. Our domestic women's business experienced a 14% increase year-over-year, the strongest of all of our channels. Our department store sales came in much better than we had anticipated. Our women's specialty store business saw a double-digit increase, with the vast majority from Anthropologie, which was up almost 30% from last year. The specialty and boutique business was up modestly."
He continued, "In our domestic men's business, we saw a 10% increase in Q3. We continue to penetrate the department store segment with double-digit growth over last year, led by Bloomingdale's and Nordstrom. Our men's specialty business was flat. In our overall men's business, we are taking market share in this environment."
Mr. Crossman noted, "Our international business was only down $130,000. We are laying the groundwork for Europe to be an international growth driver for us in 2010."
He added, "Q3 was also a successful quarter for our licensing initiatives and retail store business. Our outlet stores have far exceeded our expectations. We also plan to open five mall locations in 2010. We expect retail to be an important grwoth vehicle for us in future years."
Mr. Crossman said, "We expect a sales increase for Q4 that is commensurate with Q3, if not larger."
He concluded, "Despite economic conditions, we feel that Joe's brand is in the best shape that it has been since inception."
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