Legal costs impact Jos. A. Bank Q4 earnings; sales inch up

Hampstead, Md. – Jos. A. Bank Clothiers posted a profit of $27.4 million for the fourth quarter, down from $28.4 million in the year-ago period. The retailer’s earnings were impacted by legal and professional costs related to its upcoming acquisition by The Men’s Wearhouse and other strategic moves.

Sales rose 0.4% to $356 million, in line with analysts estimates. The year-ago period included 14 weeks of sales, compared with 13 weeks in the most recent quarter. Jos. A. Bank cited robust holiday sales, partially offset by post-holiday severe weather, as boosting overall quarterly sales performance.

During the full fiscal year, net income fell 26% to $63.32 million, from $79.69 million. Net sales slightly fell to $1.03 billion from $1.04 billion. So far in fiscal 2014, Jos. A. Bank has generated double-digit total sales gains, which the retailer says reflects positive consumer response to promotions as well as ongoing strength in the non-promotional portion of its business.

“The initiatives we have undertaken to improve both our top and bottom line performance are delivering results,” said R. Neal Black, president and CEO of Jos. A. Bank.

Black said the current quarter has gotten off to a strong start.

"We have generated double-digit total sales gains in fiscal February and the first four weeks of fiscal March 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the non-promotional portion of our business," he said.

Login or Register to post a comment.