Jos. A. Bank fiscal 2009 profit climbs
Hampstead, Md. JoS. A. Bank Clothiers said its 2009 profit jumped 22%.
Shares in the men’s clothing company have jumped 30% since early February and closed Tuesday at $51.72.
JoS. A. Bank reported Wednesday that its 2009 earnings hit $71.2 million, or $3.84 per share, compared with $58.4 million, or $3.17 per share, in the previous year.
Revenue for the year ended Jan. 30 increased 11% to $770.3 million, from $695.9 million.
Sales at stores open at least a year, a key measure of a retailer’s health, climbed 6.3%.
The company ended fiscal year 2009 with $21.9 million in cash, $169.7 million in short-term investments and no debt.
“We are pleased to announce another solid year of sales and earnings growth,” commented R. Neal Black, president and CEO of JoS. A. Bank Clothiers. “Our core strategy to provide our customers with high quality men’s clothing at a great value and to actively promote this value through a diverse advertising and marketing campaign has again produced favorable results for fiscal year 2009. We have continued to be successful in expanding our market share, growing our profits and controlling our expenses, while further strengthening our balance sheet. Additionally, with this quarter’s results, we have achieved earnings growth in 33 of the past 34 quarters when compared to the respective prior year periods, including 15 quarters in a row.”
Zale gets payment extension from Citibank
Irving, Texas Zale Corp. is getting a 30-day payment extension from lender Citibank, the company said in a securities filing on Tuesday.
Earlier this year, Citibank informed Zale of the potential of their agreement being terminated unless Zale managed to make a $6 million payment on or before April 1.
Zale said in a securities filing this week that the company has been given an extension to make the payment by April 30.
Zale closed a turbulent second quarter of fiscal year 2010 by posting a surprising profit. The profit came on the heels of the corporation firing its CEO and two other key executive managers, citing the company’s lack of success in meeting its performance goals.
Court affirms dismissal of RICO charges in Ralphs case
Pasadena, Calif. Circuit court judges affirmed the dismissal of racketeering claims against Kroger Co. alleged in a class-action suit relating to the retailer’s hiring practices during the 2003-04 strike-lockout in California.
According to a report by Supermarket News, judges said the plaintiffs — individual union employees of Kroger’s Ralphs Grocery division — failed to establish a “pattern” of racketeering and had waived their right to sue Kroger through their union.
The plaintiffs had sought charges against Kroger under the Racketeer Influenced and Corrupt Organizations Act (RICO).