Men’s apparel company Jos. A Bank (NASDAQ: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.
However, the company said sales at its more established stores slipped in November, and it remains cautiously optimistic about the current period.
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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.