Jos. A. Bank boosts Q3 net income, sales
Hampstead, Md. – Jos. A. Bank slightly increased its net income to $13.6 million in the third quarter of fiscal 2013 from $13.3 million in the same period a year earlier. The retailer also saw its net sales grow about 6% to $247.5 million, from $232.8 million.
Same-store sales declined 0.1%, although direct marketing sales increased 23.5% and combined same-store and online sales increased 2.4%. Jos. A. Bank incurred $1.2 million of legal and professional expenses in connection with the company’s bid to acquire The Men’s Wearhouse.
"Our performance in the third quarter is a strong indication that we are taking the right actions to improve both our top and bottom lines,” said R. Neal Black, president and CEO of Jos. A. Bank. “In particular, the customer is responding well to the changes we are making in the promotional side of our business and our non-promotional business continues to grow strongly. This was evident in our improving sales trend, both in stores and online, as well as in our marketing efficiency and the 40 basis point increase in our gross profit margin rate in the third quarter, which represents our second consecutive quarterly increase."
Conn’s doubles Q3 net income
The Woodlands, Texas – Conn’s more than doubled its consolidated net income in the third quarter of fiscal 2014 compared to the same period in the prior year, growing to about $24.4 million from $11.8 million. Total net sales increased a healthy 51%, to $310.9 million from $206.4 million.
Significant sales growth was reported across all major product categories. On a sequential quarter basis, third quarter retail sales reflect the benefit of two stores opened in July 2013 and two additional stores opened during the quarter. The impact of new store openings was partially offset by the closure of two underperforming locations during the current quarter. With new store openings and the remodeling and relocation of existing stores, 40 stores were operating in the Conn’s HomePlus format at October 31, 2013.
For the full fiscal year 2014, Conn’s expects same-store sales to rise 7%-12% and 15-20 new store openings. For the full fiscal year 2015, the retailer anticipates same-store sales to grow 7%-12% and 15-20 new store openings. Currently, Conn’s operates more than 70 stores.
“We achieved the highest quarterly revenue and net income in Conn’s history,” said Theodore M. Wright, the company’s chairman and CEO. “This sales trend continued into November with retail sales expanding 49%. November same store sales rose 32%.”
Lux Beauty Boutique launches SelfPay app
Lux Beauty Boutique is rolling out in-store mobile app SelfPay, which lets shoppers handle payment and look up product information on their own devices, enabling shopper-controlled in-store checkout from anywhere within a brick-and-mortar store. Lux Beauty Boutique will host a SelfPay launch party at its store on Dec. 6.
SelfPay is a multi-retailer solution that enables shoppers at participating retailers to scan products in the store, view pricing and information, and pay for their purchase from their own device. Retailers can use the patent-pending purchase verification method to ensure that all items leaving the store have been paid.
“Nothing stresses me out more than seeing frustrated faces in a slow-moving line,” said Jennifer Grimm, Lux Beauty Boutique owner. “We are thrilled to launch SelfPay in time for the holiday rush and offer clients the ability to skip the line during the hectic shopping season.”