Jos. A. Bank earnings up nearly 13 percent on strong sales

June 01, 2011|By Andrea K. Walker, The Baltimore Sun

Men's retailer Jos. A. Bank Clothiers, Inc. said this morning that fiscal first quarter earnings increased on strong sales of suits and dress shirts, while sales declined on seasonal products such as sportswear.

The Hampstead-based company said that net income increased 12.7 percent to $17.8 million, or 64 cents per share, for the quarter ended April 30. That was compared with net income of $15.8 million, or 57 cents per share, for the first quarter of last year.

Comparable store sales increased 0.1 percent as men cut back on seasonal products. Comparable store sales increased 10.4 percent in the first quarter last year. Direct marketing sales, which include Internet and catalog sales, increased 22.1 percent for the most recent quarter.

President R. Neal Black said that sales seemed to already be improving in the second quarter.

"While sales are just one component of the overall profit, we are also pleased that so far that for the second quarter our comparable store sales are up compared to the same period last year, which is a good improvement in the most recent comparable store sales trend," Black said in a statement.

The company will have an earnings call Thursday to discuss first quarter results.

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