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July 15, 2013
18:57 EDTJOEZJoe's Jeans falls after earnings miss estimates, company to buy Hudson Clothing
Shares of Joe's Jeans are trading lower after-hours after the company's second quarter earnings missed expectations and the company announced plans to acquire privately-held Hudson Clothing. WHAT'S NEW: Joe's Jeans announced second quarter earnings per share of 2c, missing expectations for 3c, while the company's revenue came in at $30.87M, shy of expectations for $32.01M. The company reported wholesale segment sales increased 6% over the prior year period, with wholesale margins falling 4% to 37% for the quarter and same-store sales down 6%. In addition to its earnings report, Joe's Jeans announced it reached an agreement to acquire privately-held Hudson clothing for $97.6M, payable in cash and convertible notes. Under the terms of the deal, Hudson Clothing founder and CEO Peter Kim will join the company's board. At closing of the Hudson transaction, which Joe's expects to occur on or about August 31, the company's outstanding indebtedness is expected to be about $85M. PRICE ACTION: Shares of Joe's Jeans, which are up 86% year-to-date, are down 30c, or 16.13%, to $1.56 in after-hours trading.
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