Jos. A. Bank fiscal 2009 profit climbs
Hampstead, Md. JoS. A. Bank Clothiers said its 2009 profit jumped 22%.
Shares in the men's clothing company have jumped 30% since early February and closed Tuesday at $51.72.
JoS. A. Bank reported Wednesday that its 2009 earnings hit $71.2 million, or $3.84 per share, compared with $58.4 million, or $3.17 per share, in the previous year.
Revenue for the year ended Jan. 30 increased 11% to $770.3 million, from $695.9 million.
Sales at stores open at least a year, a key measure of a retailer's health, climbed 6.3%.
The company ended fiscal year 2009 with $21.9 million in cash, $169.7 million in short-term investments and no debt.
“We are pleased to announce another solid year of sales and earnings growth,” commented R. Neal Black, president and CEO of JoS. A. Bank Clothiers. “Our core strategy to provide our customers with high quality men’s clothing at a great value and to actively promote this value through a diverse advertising and marketing campaign has again produced favorable results for fiscal year 2009. We have continued to be successful in expanding our market share, growing our profits and controlling our expenses, while further strengthening our balance sheet. Additionally, with this quarter’s results, we have achieved earnings growth in 33 of the past 34 quarters when compared to the respective prior year periods, including 15 quarters in a row.”