US: Jos A Bank Q2 profit up as online sales rise
- Q2 profit up 12.7% to $23.2m
- Sales up 12.9% to $260.3m
- Company sees growth to 800 stores
Men's wear retailer Jos A Bank Clothiers has booked a 12.7% rise in second-quarter net profit, boosted by better-than-expected online sales.
Net income for the quarter ended 28 July reached US$23.2m, compared with $20.6m the same period last year. Operating income rose 7.3% to $37.1m.
Net sales increased 12.9% to $260.3m, while comparable store sales climbed 6.1% and direct marketing sales, which includes the company's online business, surged 39.3%.
CEO and president Neil Black said: "We are very excited to announce this increase in our store growth potential and the continuance of this very important part of our overall growth programme.
"This increase further solidifies the strength of our brand which continues to gain prominence in the US market through our existing store presence, our advertising and marketing campaigns and our e-commerce platforms, among other factors."
The men's wear retailer, which currently operates 572 stores, said it believes it has the potential to expand to around 800 stores in the US, including 700 full-line shops and 100 factory stores. Several years ago it saw its growth potential at between 650 and 675 stores.
It expects to open some 45-50 stores, including 10 factory shops, in fiscal years 2012 and 2013.
US men's clothing retailer JoS A Bank has issued a profit warning, as rising sales failed to offset higher marketing expenses and lower gross margin. ...
Men's wear retailer Jos A Bank Clothiers has today (28 November) reported an 11.2% fall in third-quarter net profit after Hurricane Sandy and the presidential election kept shoppers away from its stor...
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