Jos A Bank results beat on strong internet, catalog sales
Men’s apparel and accessories retailer JoS A Bank Clothiers Inc’s quarterly results handily beat Wall Street estimates as customers flocked to buy its products on the Internet and through catalogs.
Sales in the company’s direct marketing segment, which consists of the Internet and catalog call centers, rose 39.3 percent in the quarter.
As of fiscal 2011 the direct marketing segment accounted for about 10 percent of total sales.
JoS A Bank, which sells men’s tailored suits and shirts, said the third quarter started out positively and the company plans to open about 45 to 50 stores each in fiscal 2012 and 2013.
Earnings rose to $23.2 million, or 83 cents a share, in the second quarter from $20.6 million, or 74 cents a share, a year earlier.
Sales rose 12.9 percent to $260.3 million. Comparable store sales increased 6.1 percent.
Analysts on average were expecting the company to post earnings of 73 cents on a revenue of $251.1 million, according to Thomson Reuters I/B/E/S.
JoS A Bank shares closed at $41.63 on Tuesday on the Nasdaq.