US: JoS A Bank posts record 2010 profit
- Net income up 21%
- Sales reach $858.1m
- "Successful year" says boss
US clothing retailer JoS A Bank has boosted full-year profits on the back of improved sales.
Net income for fiscal year 2010 increased 21% to a record $85.8m, as compared with net income of $71.2m for the fiscal year 2009.
Net sales reached a record of $858.1m for 2010, the company said, representing an 11.4% gain. Same-store sales increased 7.0% during the period.
“2010 was another very successful year for the company,” said R Neal Black, president and CEO of JoS A Bank Clothiers. “We realised double digit sales growth again through strong comparable store sales and Direct Marketing sales, combined with the sales contribution from the 36 new stores we added during the year.
"Additionally, we generated net income growth of 21% as we continued to gain leverage, primarily through margin expansion and expense control."
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