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JOSB reports 7% increase in profits for Q3
01
Dec '10
JoS. A. Bank Clothiers Inc announces that net income for the third quarter of fiscal year 2010 increased 7.1% to $12.6 million, as compared to $11.7 million for the third quarter of fiscal year 2009. Earnings per share for the third quarter of fiscal year 2010 increased 7.1% to $0.45 per share, as compared to $0.42 per share for the third quarter of fiscal year 2009. The third quarter of fiscal year 2010 ended October 30, 2010; the third quarter of fiscal year 2009 ended October 31, 2009.

Total sales for the third quarter of fiscal year 2010 increased 7.4% to $173.3 million from $161.3 million in the third quarter of fiscal year 2009, while comparable store sales increased 3.0% and Direct Marketing sales increased 14.9%.

Comparing the first nine months of fiscal year 2010 with the first nine months of fiscal year 2009, net income increased 25.6% to $44.9 million, as compared to $35.7 million and earnings per share increased 24.8% to $1.61 per share, as compared to $1.29 per share. Total sales for the first nine months of fiscal year 2010 increased 9.9% to $539.8 million from $491.0 million for the first nine months of fiscal year 2009, while comparable store sales increased 7.6% and Direct Marketing sales increased 8.4%.

"Sales for the quarter were positive but started out below plan in August and then picked up in September and October with each month getting progressively better, and then were even stronger in November and early December," commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc.

"The hot weather in August was hard on us and it was tough to stage a big rebound after that due to the election; however, with these third quarter results, we have achieved record earnings growth in 36 of the past 37 quarters when compared to the respective prior year periods, including 18 quarters in a row. Right now, to date, the fourth quarter has started out strong. November suit sales and total sales were up substantially compared to last year and were ahead of our plans. Our fourth quarter results last year were very strong. Therefore we remain cautious, but our merchandising and marketing plans are in place for the most important selling period of the quarter and the year and we have confidence in those plans," continued Mr. Black.

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.

JoS. A. Bank Clothiers Inc

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