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.