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JOSB reports 32% increase in profits for Q2
06
Sep '10
JoS. A. Bank Clothiers, Inc. announces that net income for the second quarter of fiscal year 2010 increased 31.7% to $16.5 million, as compared to $12.5 million for the second quarter of fiscal year 2009. Earnings per share for the second quarter of fiscal year 2010 increased 31.1% to $0.59 per share, as compared to $0.45 per share for the second quarter of fiscal year 2009. The second quarter of fiscal year 2010 ended July 31, 2010; the second quarter of fiscal year 2009 ended August 1, 2009.

All earnings per share amounts in this news release represent diluted earnings per share. All share and per share amounts of common shares included in this release have been adjusted to reflect the stock split in the form of a 50% stock dividend distributed on August 18, 2010.

Total sales for the second quarter of fiscal year 2010 increased 12.3% to $188.4 million from $167.7 million in the second quarter of fiscal year 2009, while comparable store sales increased 9.2% and Direct Marketing sales increased 12.4%.

"We are pleased with the Company's financial performance for the second quarter of fiscal year 2010," commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "Our combination of offering high quality men's clothing at a great value continued to drive solid sales growth for the quarter, which, combined with the leveraging of our operating expenses, has resulted in strong earnings growth. With this quarter's results, we have achieved earnings growth in 35 of the past 36 quarters when compared to the respective prior year periods, including 17 quarters in a row," continued Mr. Black.

Comparing the first six months of fiscal year 2010 with the first six months of fiscal year 2009, net income increased 34.7% to $32.3 million, as compared to $24.0 million and earnings per share increased 34.9% to $1.16 per share, as compared to $0.86 per share. Total sales for the first six months of fiscal year 2010 increased 11.2% to $366.5 million from $329.7 million for the first six months of fiscal year 2009, while comparable store sales increased 9.8% and Direct Marketing sales increased 5.6%.

JoS. A. Bank Clothiers Inc

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