JoSB's total sales for Q1 fiscal 2006 improves 17.7% to $113.7mn
08 Jun '06
3 min read
JoS. A. Bank Clothiers Inc announced sales and earnings for the first quarter of the fiscal year ending February 3, 2007 ("fiscal 2006"). In addition, the Company has provided earnings guidance for fiscal 2006.
For the first quarter of fiscal 2006, net income was $5.9 million, or $0.32 per share, as compared with net income of $6.7 million, or $0.38 per share, in the first quarter of the fiscal year ended January 29, 2006 ("fiscal 2005").
"While our sales of new transitional spring products remained consistent with last year, gross profits declined primarily as a result of increased customer demand for fall merchandise, resulting in less demand for the year-round core merchandise," stated David E. Ullman, Chief Financial Officer of JoS. A. Bank, Clothiers, Inc. "Our new spring products continue to show strong sales in May and early June, so we expect our year-over-year profits to increase at least 10 percent in the second quarter of fiscal 2006," continued Mr. Ullman.
In addition, based on recent positive sales and gross margin trends, the Company expects to generate a double-digit percentage increase in earnings per share for the full year of fiscal 2006, as compared with the earnings per share of $1.95 in fiscal 2005.
Total sales for the first quarter of fiscal 2006 increased 17.7 percent to $113.7 million, as compared with $96.6 million in the comparable prior year period. Comparable stores sales increased 4.7 percent in the first quarter of fiscal 2006, as compared with the comparable prior year period, while combined catalog and Internet sales increased 25.0 percent.
marketing@alchempro.com
