Jos. A. Bank posts 22% profit increase for 2009

Hampstead-based men's clothier's revenue up to $770.3 million from year ago

March 31, 2010|By Andrea K. Walker | andrea.walker@baltsun.com | Baltimore Sun reporter

Men's clothier Jos. A. Bank reported a 22 percent profit increase for 2009 as it continued to attract shoppers with steep discounts.

The Hampstead company said net income came in at $71.2 million, or $3.84 per share, for the fiscal year ended Jan. 30. That was compared with $58.4 million, or $3.17 per share, for the same period a year ago.

Revenue for the year jumped to $770.3 million, a 10.7 percent gain from a year ago when revenue was $695.9 million.

The performance beat Thomson Reuters analysts' expectations of $3.70 per share, or $753 million.

Comparable stores sales, or those open at least a year, increased 6.3 percent. Direct marketing sales, which include the Internet, increased 12.2 percent.

The earnings caused Bank's stock price to reach an all-time high. It was trading at $54.59 early Wednesday afternoon.

Bank will release fourth-quarter results Thursday, when it will also expand on full-year results with analysts.

"Our core strategy to provide our customers with high quality men's clothing at a great value and to actively promote this value through a diverse advertising and marketing campaign has again produced favorable results for fiscal year 2009," R. Neal Black, Bank president and CEO, said in a statement.

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