Jos. Bank’s Q1 profit down 45%
Hampstead, Md. -- JoS. A. Bank Clothiers’ net income for the first quarter of fiscal year 2013 fell 45% to $8.1 million, down from $14.8 million for the first quarter of fiscal year 2012.
Total sales for the first quarter decreased 2.6% to $196.1 million from $201.4 million in year-ago period.
Same-store sales decreased 8.5% and direct Marketing sales increased 12.6% in the first quarter of 2013 as compared to last year. Combined same-store and Internet sales for the first quarter of fiscal year 2013 decreased 6.4% when compared to the year-ago period.
“While we were able to control our expenses and improve our advertising efficiency in the quarter, our sales declined 2.6%, primarily in April. In addition, our gross profit margin was down primarily due to higher inventory sourcing costs and lower average selling prices due mostly to an increased percentage of sales of winter and other clearance products. Like many other retailers, we were also affected by the unseasonably cool weather which adversely impacted both our sales and gross profit margin,” stated R. Neal Black, president and CEO of JoS. A. Bank Clothiers.