JOSB Oct sales climb 28.5% & same store sales up 16.2%
07 Nov '05
3 min read
Men's apparel expert firm JoS. A. Bank Clothiers Inc (JOSB) announces that its total sales for the fiscal month ended October 29, 2005 (fiscal October 2005) increased 28.5 percent to $37.0 million compared with $28.8 million in fiscal October 2004. Also, comparable store sales increased 16.2 percent, while combined catalog and Internet sales increased 19.5 percent in fiscal October 2005, when compared with the prior year period.
"Despite the impact of the hurricanes in certain markets, they posted solid sales gains in all of major product categories during the month of October," said Robert N. Wildrick, Chief Executive Officer of JoS. A. Bank Clothiers Inc. "They are seeing the rewards of investments made in certain core fall inventory."
The Company has opened 39 stores thus far in fiscal 2005 and expects to open an additional 14 to 18 stores in the fiscal fourth quarter. Six of the new stores were opened in the past 10 days. "The final number of new store openings this year is primarily dependant on finalizing certain construction, permitting and leasing matters," noted David E. Ullman, Chief Financial Officer of JoS. A. Bank Clothiers Inc. "For fiscal 2006, they have already approved 44 sites and continue to expect to open approximately 50 to 65 new stores." The Company plans to open approximately 200 new stores in the next three to four years, growing its store network to 500 locations.
Total sales for the third quarter ended October 29, 2005 increased 27.8 percent to $105.6 million compared with $82.6 million in the same period in 2004. Comparable store sales increased 14.1 percent for the quarter, while combined catalog and Internet sales increased 22.6 percent. Total sales for the nine months ended October 29, 2005 increased 23.0 percent to $300.8 million, compared with $244.6 million in the same period in 2004.