Joe's Jeans, Inc. (JOEZ) Tops Q2 EPS by 4c, Sales Miss

Joe's Jeans, Inc. (Nasdaq: JOEZ) reported Q2 EPS of $0.01, $0.04 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $48.2 million versus the consensus estimate of $48.96 million.

• Wholesale net sales increased 66%;
• Retail store net sales increased 19%

Marc Crossman, President and Chief Executive Officer, commented, “We have been working these past two quarters to position both companies to realize the cost savings benefits from our acquisition of Hudson. We expect to begin to see the benefit of that work in the third quarter of fiscal 2014. We expect the savings to continue to ramp up during the fourth quarter and by year end, we expect to be running at an annualized cost savings rate in excess of $10 million per year.” Mr. Crossman concluded, “Furthermore, we expect our core results, excluding these cost savings, to pick up in the back half of the year, as we are already seeing improvement in our same store sales comps at our company owned retail stores.”

For earnings history and earnings-related data on Joe's Jean, Inc. (JOEZ) click here.

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