Jos. A. Bank reports 7.1 percent earnings increase

Third quarter started off slow for men's retailer

December 01, 2010|By Andrea K. Walker, The Baltimore Sun

Men's clothiers Jos. A. Bank said today that third quarter earnings for the fiscal year increased 7.1 percent despite slow sales at the end of summer.

The Hampstead-based company reported net income of $12.6 million, or 45 cents per share, for the three months ended Oct. 30. That was compared to $11.7 million, or 42 cents per share, for the same period a year ago.

Comparable store sales, or those open at least a year, increased 3 percent while direct marketing sales, which include the Internet and catalog, increased 14.9 percent.

Sales were slow for the retailer in August, starting out below plan but ending up positive, CEO R. Neal Black said in a statement. Sales picked up progressively each month after that, he said.

"The hot weather was hard on us and it was tough to stage a big rebound after that due to the election," Black added.

The company reported that the fourth quarter has started out strong with November suit sales and total sales higher than last year.

Black said the retailer is still remaining cautious because last year's fourth quarter sales increase was so positive.

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