Joe’s Jeans Inc. (NASD: JOEZ), a leading designer, producer and reseller of apparel and apparel-related products to the retail and premium markets under the Joe’s® brand and related trademarks, recently announced its financial results for the third quarter ended August 31, 2008. During the third quarter, net sales increased 16 percent to $18.2 million compared to $15.7 million during the corresponding period one-year earlier. Additionally, the company reported a record quarter of profitability with net income of $2.2 million, or $0.04 per share, compared to $913,000, or $0.02 per share in the third quarter of 2007.

Commenting on the recent financial results, Marc Crossman, president and chief executive officer of Joe’s Jeans, stated, “We saw sales growth across all segments and our gross margin improvement of 49 percent continues to trend upward due to a greater shift of our production coming from outside of the United States. Year-to-date, we have generated approximately
$3.5 million in cash flow from operations.” He continued with his outlook for the fourth quarter and said, “We expect fourth quarter net sales to range from $19 million to $20 million and earnings per share of $0.03 for the quarter.”

Joe’s Jeans expects to record double-digit growth during the fourth quarter of 2008 due to the growth in the company’s men’s business and international distribution channels. The company’s current international backlog exceeds 60 percent and Joe’s Jeans recently signed a new distribution agreement in Australia, which has translated into solid sales during the third quarter and the start of the fourth quarter of this year. The company’s presence in Europe continues to grow, and senior management is actively seeking distributors in other international markets.

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