Jos. A Bank 3Q Profit Improves, But November Comp. Sales Down

Retail FOXBusiness

Men’s apparel company Jos. A Bank (JOSB) said it earned 19% more in the third quarter over last year with the help of much higher sales at stores open longer than 12 months.

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However, the company said sales at its more established stores slipped in November, and it remains cautiously optimistic about the current period.

The Hampstead, Md.-based retailer posted third-quarter net income of $14.9 million, or 54 cents a share, compared with $12.5 million, or 45 cents a share, in the same quarter last year.

The results were ahead of average analyst estimates polled by Thomson Reuters of 51 cents.

Revenue for the three months ended Oct. 29 was $209.6 million, up 21% from $173.27 million a year ago, trumping the Street’s view of $196 million.  The gains reflect a 14.6% increase in comparable-store sales and a sharp 28.6% improvement in direct marketing sales.

Jos. A Bank’s chief executive, R. Neal Black, said the company was pleased with the results last quarter, but he noted the current period has started out more slowly than expected.

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