Joe’s Jeans Inc. has returned to compliance with Nasdaq requirements and avoided a possible delisting.
The Los Angeles-based jeanswear company said Tuesday that it was notified by Nasdaq that it had regained compliance with listing requirements by maintaining a closing bid price of $1 or more for at least 10 consecutive trading days. The company fell out of compliance for the third time in four years in December after its stock price fell below the $1 minimum closing price for 30 consecutive trading days.
On Tuesday, shares of Joe’s closed at $1.26, up 2 cents, or 1.6 percent.
Joe’s said on Jan. 15, in advance of its presentation at last week’s ICR XChange, that its sales for the fourth quarter, ended Nov. 30, would land between $30.9 million and $32.2 million, 21.7 to 26.8 percent above the $25.4 million registered in the final quarter of 2011. Wholesale revenues are expected to reach between $24.5 million and $25.5 million, up 25.6 to 30.7 percent, while retail is projected to generate $6.4 million to $6.7 million, up 8.9 to 14 percent.
The projected fourth-quarter figures would put full-year revenues at $115.8 million to $117.1 million, 21.4 to 22.7 percent above the 2011 total of $95.4 million.