If at first you don't succeed, just buy another brand.
The final Chapter of Joe's Jeans as a stand-alone stock has been written. Crossman has failed miserably. After eight years and still a dollar stock. He should be fired. The BOD should keep Hudson and dump Crossman.
Well, Peter Kim will be on the BOD, seems like he runs a good company...hopefully he'll have a strong voice. At least Crossman seems to have gotten Hudson at a decent price.
Did you hear the question about the weather on the CC? He actually turned down that as an excuse this time.
Thanks mpo, I haven't listened to the call yet. I will keep an ear open for the comment on the weather. Btw, what's up with same-store sales? How did that turn out so negative? Didn't Crossman say on the last call that same-store sales were recovering in Q2? So... was he lying then? Or did sales just completely crash in the last month of Q2? I've come to expect the unexpected from Crossman long ago. This man cannot be trusted. Period.
I must say that I was not impressed by the release and only caught bits of the call as I had something else going on. The little that I heard from Crossman didn't necessarily give me a lot of confidence. He sounded somewhat subdued and lacking on details. I will wait to make a judgment after I have digested the 8k and the cc, but my first thought is why buy another high end denim co. I know they talked about synergies but he was pretty vague on what those were. I would think that he would want to diversify a little. That is what was so good about the else brand in my mind. Overall the #'s don't appear to be a disaster as they grew the business, but SSS in the negative and wholesale margins declining are disappointing.