(By Balaseshan) Joe's Jeans Inc. (NASDAQ: JOEZ), which sells apparel-related products under the Joe's brand, has issued net sales guidance for the fourth quarter and full year 2012. Majority of the fourth quarter sales forecast comes from its wholesale segment.
"We are pleased with the revenue growth in both our wholesale and retail segments. We look forward to sharing our profitability results on our upcoming fourth quarter earnings conference call in mid to late February," said Marc Crossman, President and CEO.
For the fourth quarter, the company expects sales of $30.9 million to $32.2 million. Of this amount, the company projects net sales from its wholesale segment of $24.5 million to $25.5 million and retail sales of $6.4 million to $6.7 million.
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For the full year 2012, the company anticipates net sales of about $115.8 million to $117.1 million. The company is currently completing its financial statement close process for the fiscal 2012 in connection with the filing of its Annual Report on Form 10-K on or before February 28, 2013.
In the previous third quarter, the company posted earnings of $1.39 million or $0.02 per share, compared to a loss of $2.04 million or $0.03 per share last year. Sales jumped 25% to $30.3 million. Gross margin increased to 46% from 40%, due to a result of the negative impact of a $1.6 million inventory write down in the year ago period.
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Net sales from retail segment for the third quarter climbed 24% driven by a 7% same store sales increase and revenue contribution from 25 stores compared to 21 stores in the prior year period. Net sales for wholesale segment surged 26% on its Joe's men's and international sales channels and the addition of sales from its new brand, else.
JOEZ closed Monday's regular session up 0.88% at $1.15. The stock has been trading between $0.55 and $1.56 for the past 52 weeks.