US: Jos A Bank Q3 profit rises on sales growth
- Q3 profit of US$13.6m, up 2.3% from $13.3m
- Sales rose 6.3% to $247.5m from $232.9m
- Comparable store sales down 0.1%
Men's apparel and footwear business Jos A Bank Clothiers has today (5 December) reported a slight increase in third-quarter net profit, helped by higher sales.
President and CEO Neal Black said: "Our performance in the third quarter is a strong indication that we are taking the right actions to improve both our top and bottom lines.
"In particular, the customer is responding well to the changes we are making in the promotional side of our business and our non-promotional business continues to grow strongly."
In November, the company saw total sales, comparable store sales and direct sales increase year-on-year. Jos A Bank said it recognises the "pivotal" month of December is still ahead and it is focused on continuing to improve its sales trend.
"Taken together, we are pleased that our strategies are resonating with our customers and we look forward to taking advantage of the opportunities to grow both our stores and online businesses and delivering improved results in the future."
Last month, apparel retailer Men's Wearhouse turned the tables on Jos A Bank Clothiers by offering to acquire the men's apparel business for $1.2bn, less than two weeks after Jos A Bank dropped its $2.3bn takeover bid for the rival.
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