Bank reports 12.8% sales rise for quarter to $41.5 million Revenue over 9 months up 10.9% to $119.7 million

Apparel

November 13, 1997|By Lorraine Mirabella | Lorraine Mirabella,SUN STAFF

Benefiting from a new focus on dressier apparel and a string of store openings, Jos. A. Bank Clothiers Inc. saw total sales rise 12.8 percent for the third quarter, the Hampstead-based manufacturer and retailer of men's clothing said yesterday.

Sales rose to $41.5 million, up from $36.8 million during the same period last year. Sales for the nine months ended Nov. 1 increased 10.9 percent to $119.7 million, the company said.

Same-store sales -- those at stores open at least a year -- grew 2 percent in the third quarter.

That could be viewed as a healthy increase, one analyst said, because it was a gain on a 19.3 percent jump in same-store

sales in the third quarter of 1996.

"That's an indication of Jos. Bank's success with their new merchandise and with their mix of stores and catalogs," said Kenneth M. Gassman, retail analyst with Richmond, Va.-based Davenport & Co.

Customers have responded well to the company's broadened mix of tailored clothing and dressier sportswear, said Timothy F. Finley, the company's chairman and chief executive.

"Friday casual to a lot of people is a sportcoat and slacks," Finley said. "They're starting to dress up a little more. Business is pretty good in our sector for the first time in a long time."

The company opened 10 stores in the first nine months of the year and has plans to open another 12 to 15 next year in existing markets, including New York, Houston, Dallas, Detroit and Atlanta, Finley said.

Pub Date: 11/13/97

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