US: Jos A Bank confident despite Q4 profit slide
- Q4 earnings drop to US$27.4m
- Sales edge up 0.4%
US men's apparel and footwear business Jos A Bank Clothiers said it is delivering results on its top and bottom line performance, despite booking a slight drop in fourth-quarter earnings today (2 April).
In the three months ended 1 February, Jos A Bank posted a profit of US$27.4m, down from $28.4m a year earlier. Excluding costs related to its Men's Wearhouse deal, earnings amounted to $1.07 per share, above its previous guidance of $1.04 to $1.10.
Sales edged up 0.4% to $356m, in line with Reuters analyst projections. The year-ago period included 14 weeks of sales, compared with 13 weeks in the most recent quarter. Comparable-brand sales increased 1.8%.
CEO R. Neal Black, said: "The initiatives we have undertaken to improve both our top and bottom line performance are delivering results. Our sales through the holidays were robust, with comparable brand sales up 9.1% between November 3rd and December 24th.
"While this was offset by the impact of the snow storms and nationwide deep freeze in the post-holiday period, the combination of our improved marketing efficiency through our new promotional strategies and strict financial discipline allowed us to deliver the 9% gain in adjusted earnings per share."
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