Joe's Jeans Plunges Into the Red in Q1
Joe's Jeans results for its Q1 have been released. For the quarter, net sales came in at $29.4 million, a 13% increase from the nearly $26 million in the same period the previous year. On the bottom line, however, the company swung to a loss of $6.4 million ($0.10 per diluted share) from Q1 2012's profit of roughly $794,000 ($0.01).
The shortfall of the most recent quarter was due largely to corporate and other expenses, which more than tripled on a year-over-year basis to $12.8 million. This is because of a contingent consideration buyout expense of $8.7 million recorded during the period.
The article Joe's Jeans Plunges Into the Red in Q1 originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Joe's Jeans, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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