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Joe's Jeans Plunges Into the Red in Q1

By Eric Volkman - Apr 15, 2013 at 7:03PM

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The apparel maker posts a loss of more than $6 million for the period.

Joe's Jeans (NASDAQ: JOEZ) 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.

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