Jos. A. Bank's same-store sales rise by 5.9%

February 13, 1997|By Liz Bowie | Liz Bowie,SUN STAFF

Jos. A. Bank Clothiers Inc., showing continued recovery from a two-year apparel industry downturn, reported that its same-store sales for the fourth quarter ended Feb. 1 rose 5.9 percent from the comparable quarter a year earlier.

For the full year, same-store sales were up 9.3 percent, the Hampstead-based men's clothier said.

Timothy F. Finley, chairman and chief executive officer, attributed the sales increase to a combination of factors, including a better merchandise selection, less competition and good weather. "Christmas was wonderful; we were the exception to the rule," he said.

Bank also lowered its inventory and increased its margins by managing the business better, Finley said.

Same-store sales increased $2.5 million, to $47.1 million for the quarter, from $44.6 million in the same quarter of 1995.

For the full year, same-store sales increased to $155.1 million, from $143.5 million a year earlier.

Same-store sales are results at stores open at least a year. They are considered the best indicator of a retailer's performance because store openings and closings are not included.

Bank is considering moving its headquarters from Carroll County to Baltimore or Baltimore County, but has yet to sign a lease on a new location.

Pub Date: 2/13/97

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