JoS A. Bank Q2 income up 12.7%; increases store expansion
Hampstead, Md. -- JoS A. Bank Clothiers reported that its earnings in the second quarter rose 12.7% to $23.2 million, from $20.6 million a year earlier, easily beating analysts projections. The retailer said it plans to open about 45 to 50 stores each in fiscal 2012 and 2013.
Total sales in the quarter rose 12.9% to $260.3 million. Sales in the company's direct marketing segment, which consists of the Internet and catalog call centers, rose 39.3%.Same-store store sales increased 6.1%.
The company said it now sees the potential to expand to approximately 800 locations in the United States, with some 700 full-line stores and 100 factory outlets, which is an increase from its previous assesment of 650 and 675 total stores.
JoS. A. Bank expects to open approximately 45 to 50 stores, including approximately 10 factory outlet locations, in fiscal years 2012 and 2013.
"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 program," stated R. Neal Black, JoS. A. Bank president and CEO. "This increase further solidifies the strength of our brand which continues to gain prominence in the U.S. market through our existing store presence, our advertising and marketing campaigns and our e-commerce platforms, among other factors."