US: Jos A Bank Q1 profit falls on weaker sales
- Q1 profit declines 45.3% to $8.1m
- Sales slipped 2.6% to $196.1m
- Comparable store sales declined 8.5%
Men's wear retailer Jos A Bank Clothiers has today (5 June) seen its first-quarter profit nearly halve after sales were hit by unseasonably cool weather.
The company, which operates 606 stores, said net income stood at US$8.1m for the three months to 4 May, compared to $14.8m in the same period last year.
Total sales slipped 2.6% to $196.1m from $201.4m the prior year, while comparable store sales declined 8.5% and direct marketing sales increased 12.6%.
Gross margin was down because of higher inventory sourcing costs and lower average selling prices due to higher sales of winter and clearance products.
President and CEO Neal Black said this trend has continued into the second quarter with weaker sales in May.
He added: "For the remainder of 2013, we will continue to focus on our goal of returning to previous levels of gross margin rates and advertising productivity. As such, we will continue to test, evaluate and refine our merchandising and advertising offerings to optimise the appeal to our customers.
"Additionally, starting this spring, we have introduced new and more focused casual assortments and additional slim-fit suit inventories responding to customer demand."
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