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Joe's Jeans Q1 Profit Rises

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Joe's Jeans Inc. (JOEZ: Quote) reported first-quarter net income of $0.8 million or $0.01 per share, up from $0.2 million or breakeven per share in the same period last year.

Net sales for the quarter increased 23 percent to $26.0 million from $21.2 million last year. Segment wise, sales from the retail segment rose 40 percent from last year to $5.2 million, and Wholesale sales grew 19 percent to $20.8 million.

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by RTT Staff Writer

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While buying interest has remained somewhat subdued, stocks are seeing modest strength in mid-day trading on Thursday. The slim gains on the day have lifted the S&P 500 to a new record intraday high above the 1,990 level. New home sales in the U.S. showed a notable decrease in the month of June, according to a report released by the Commerce Department on Thursday, with the steep drop offsetting the jump seen in the previous month. After reporting a modest drop in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing that initial jobless claims unexpectedly fell to their lowest level in over eight years in the week ended July 19th.
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