JoS. A. Bank Clothiers, Inc. announces that net income for the first quarter of fiscal year 2013 was $8.1 million as compared with net income of $14.8 million for the first quarter of fiscal year 2012.
Diluted earnings for the first quarter of fiscal year 2013 were $0.29 per share as compared with diluted earnings of $0.53 per share for the first quarter of fiscal year 2012. The Company previously announced that earnings would be approximately $0.27 to $0.30 per diluted share.
Total sales for the first quarter of fiscal year 2013 decreased 2.6% to $196.1 million from $201.4 million in the first quarter of fiscal year 2012. Comparable store sales decreased 8.5% and Direct Marketing sales increased 12.6% in the first quarter of 2013 as compared with the first quarter of 2012. Combined comparable store and Internet sales for the first quarter of fiscal year 2013 decreased 6.4% when compared to the first quarter of fiscal year 2012.
The first quarter of fiscal year 2013 ended May 4, 2013; the first quarter of fiscal year 2012 ended April 28, 2012.
Commenting on the results for the quarter, R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. stated: "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. On the positive side, our Direct Marketing business, driven primarily by the Internet, continued to perform well, with double-digit sales growth. The Company continues to maintain a strong balance sheet and, despite the slow start to the new year, the first quarter of fiscal year 2013 was still profitable."
"The sales trend has continued into the second quarter of fiscal year 2013 as sales are down for the fiscal month of May. For the remainder of 2013, we will continue to focus on our goal of returning to previous levels of gross margin rates and advertising productivity.
"As such, we will continue to test, evaluate and refine our merchandising and advertising offerings to optimize the appeal to our customers. Additionally, starting this spring, we have introduced new and more focused casual assortments and additional slim-fit suit inventories responding to customer demand," continued Mr. Black.
JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 606 stores in 44 states and the District of Columbia,