JOSB Comp Store sales perk up Q2 operating results
06 Sep '05
3 min read
Men's apparel expert firm JoS. A. Bank Clothiers Inc (JOSB) announced net income of $5.3 million for the second quarter ended July 30, 2005, compared with net income of $3.4 million in the second quarter of the previous fiscal year.
Earnings per share increased 54 percent to $0.37 in the second quarter, as compared with $0.24 in the second quarter of fiscal 2004, representing another record quarter of profitability. For the first half of fiscal 2005, net income increased to $12.1 million, as compared with $8.7 million in the first six months of fiscal 2004, and earnings per share rose 38 percent to $0.84, compared with $0.61 in the corresponding period of the previous fiscal year.
"They are very pleased to report our Company's 16th consecutive quarter of record earnings, when compared with prior year periods," observed Robert N. Wildrick, Chief Executive Officer of JoS. A. Bank Clothiers Inc.”
"Strong second quarter operating results were driven by an increase in comparable store sales, continued gross profit gains, strength in catalog and Internet sales, new product innovations, and new store opening program," continued Mr. Wildrick. "Based on these strong results and the current business outlook, they are raising their earnings guidance for the second time for the year ending January 28, 2006 (fiscal 2005) to at least $2.15 to $2.19 per share, compared with $1.72 per share in fiscal 2004."
"The company plans call for the opening of approximately 46 additional stores in over 20 states across the US during the second half of fiscal 2005. We are optimistic about the opportunities in the second half of fiscal 2005 and we have invested in inventories of our core Fall products.
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