Home / Knowledge / News / Apparel/Garments / JoS. A. Bank Clothiers reports fall in Q1 FY'13 sales
JoS. A. Bank Clothiers reports fall in Q1 FY'13 sales
05
Jun '13
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,

JoS. A. Bank


Must ReadView All

Robert Lighthizer speaking at the opening of the ministerial plenary of the 16th Forum of AGOA, in Lome. Courtesy: US Embassy in Togo

Textiles | On 17th Aug 2017

US committed to Africa, Lighthizer tells AGOA forum

The United States and Africa can jointly create a better business...

Textiles | On 17th Aug 2017

Sri Lankan textile exports down 4.1% in May 2017

After showing positive trend for two consecutive months, Sri Lankan...

Fashion | On 17th Aug 2017

Coach Q4FY17 net sales totals $1.13 billion

For the fourth quarter of 2017, Coach Inc., a leading house of modern ...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
18.5%
Skip
14.8%

Total Votes: 27

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
37.0%
No
40.7%
Skip
22.2%

Total Votes: 27

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
81.5%
No
7.4%
Skip
11.1%

Total Votes: 27

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
55.6%
No
11.1%
Skip
33.3%

Total Votes: 27


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X