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."
Takover target Men's Wearhouse has turned the tables on rival Jos A Bank Clothiers by offering to acquire the men's apparel business....
Men's apparel and footwear business Jos A Bank Clothiers has dropped its US$2.3bn acquisition offer for rival Men's Wearhouse, but said it still believes a transaction would be in the best interest of...
Apparel retailer Men's Wearhouse will reconsider a previously rejected takeover bid from rival Jos A Bank Clothiers, according to one of its shareholders....
Takeover target Men's Wearhouse has rejected a request from rival Jos A Bank to allow limited due diligence on its business in return for a potentially higher acquisition bid....
US men's wear retailer Jos A Bank Clothiers has revealed it is willing to consider raising its rejected US$2.3bn bid for rival business Men's Wearhouse....
US apparel retailer Men's Wearhouse has reiterated its opposition to the US$2.3bn takeover bid tabled by Jos A Bank, issuing a 46-page investor presentation to set out its future strategy....
Men's Wearhouse is reportedly looking to acquire upscale footwear maker Allen Edmonds less than two weeks after it rejected a US$2.3bn takeover offer from rival Jos A Bank....
Men's Wearhouse has adopted a so-called "poison pill" stockholder rights plan after the US apparel retailer rejected a US$2.3bn takeover offer from Jos A Bank....
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Vietnam factories face fire safety challenge
- Wage theft of migrants in Thai apparel industry
- Triumph recalls 22,000 bras for underwire fault
- Investigation uncovers China's dog leather trade
- Nike shares slide on future orders in Q2
- Philippines added to European Union GSP+ scheme