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

Textiles | On 3rd May 2016

‘TFA for faster clearances of trade process’

Commerce and Industry Minister Nirmala Sitharaman has said that Trade ...

Textiles | On 3rd May 2016

FCIPT announces technology to make clothes stain proof

There is finally help for housewives, working women and even men...

Textiles | On 3rd May 2016

China’s cotton reserve sales begin May 3

China’s cotton reserve sales which begins tomorrow, are likely to...

Interviews View All

DK Nair
Confederation of Indian Textile Industry (CITI)

How do you see the ongoing changes and developments in the textile and...

Nick Preston
Hardy Amies

What are the popular apparel fashion trends in UK? Why do you think is the ...

James A. Hayward
Applied DNA Sciences

How crucial is the need to authenticate the quality of textiles used in...

Sanjay Gupta
Garware-Wall Ropes Ltd

Sanjay Gupta is a Chemical Engineer (IIT Kanpur) and CFA and PGDFA (ICFAI, ...

Mr. Narendra Dalmia
Strata Geosystems (India) Pvt. Ltd.

Mr. Narendra Dalmia has a experience of about 35 years in a wide variety...

Silke Brand-Kirsch
Schlegel und Partner

<b><i>Silke Brand-Kirsch, executive partner of Schlegel und Partner, a...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search