JoS. A. Bank sales sharp, but earnings slip
HAMPSTEAD, Md., — JoS. A. Bank Clothiers reported that its net sales for the fiscal year were $1.05 billion, representing a 7.1% gain as compared with net sales of $979.9 million in fiscal year 2011. Comparable-store sales decreased 0.5% during fiscal year 2012, while direct marketing sales increased 22.7%. Combined comparable-store and Internet sales in fiscal year 2012 increased 2% when compared with fiscal year 2011.
Net income for fiscal year 2012 was $79.7 million, as compared with net income of $97.5 million for the fiscal year 2011, a decrease of 18.3%, which was in line with company expectations. Earnings per share for fiscal year 2012 were $2.84 as compared with earnings per share of $3.49 for fiscal year 2011.
Commenting on the company's results, R. Neal Black, president and CEO of JoS. A. Bank Clothiers, Inc. stated: "Although we did not achieve an increase over the record earnings of fiscal year 2011, we were still very profitable with net income of 7.6% of net sales in fiscal year 2012. For the first time in our history, we exceeded the $1 billion sales milestone in fiscal year 2012 and our direct marketing business continued to perform well, with double-digit sales growth. The company continues to maintain very solid cash flows and a strong balance sheet. Additionally, we opened a total of 46 new stores in fiscal year 2012, including our 600th store