JoS A. Bank Q2 income up 12.7%; increases store expansion
Hampstead, Md. — JoS A. Bank Clothiers reported that its earnings in the second quarter rose 12.7% to $23.2 million, from $20.6 million a year earlier, easily beating analysts projections. The retailer said it plans to open about 45 to 50 stores each in fiscal 2012 and 2013.
Total sales in the quarter rose 12.9% to $260.3 million. Sales in the company’s direct marketing segment, which consists of the Internet and catalog call centers, rose 39.3%.Same-store store sales increased 6.1%.
The company said it now sees the potential to expand to approximately 800 locations in the United States, with some 700 full-line stores and 100 factory outlets, which is an increase from its previous assesment of 650 and 675 total stores.
JoS. A. Bank expects to open approximately 45 to 50 stores, including approximately 10 factory outlet locations, in fiscal years 2012 and 2013.
"We are very excited to announce this increase in our store growth potential and the continuance of this very important part of our overall growth program," stated R. Neal Black, JoS. A. Bank president and CEO. "This increase further solidifies the strength of our brand which continues to gain prominence in the U.S. market through our existing store presence, our advertising and marketing campaigns and our e-commerce platforms, among other factors."
Fresh Market Q2 profit up 27%
GREENSBORO, N.C. — The Fresh Market Inc. said Wednesday that its second-quarter net income surged 27%. The company also lifted its profit outlook for the year.
For the quarter ended July 29, Fresh Market earned $13.3 million, up from $10.5 million in the same period last year.
Revenue rose 21% to $313 million as the number of shopper purchases rose 5% and the average amount spent rose 3%. Same-store sales rose 8%.
Cabela’s expands in Canada
SIDNEY, Neb. — Cabela’s is opening its second store in Saskatchewan, Canada in Regina. The 50,000 sq. ft. store will join the company’s Saskatoon location in fall 2013 or spring 2014. With this new store, Cabela’s will be in four locations inCanada.
The store is expected to employ more than 125 full-time and part-time employees, most of whom will come from Regina and the surrounding area.
“Thousands of people across the region share Cabela’s passion for adventure, and outdoor recreation is a huge draw in Regina, so this is a great fit,” said Tommy Millner, Cabela’s CEO. “Cabela’s has a strong contingent of customers across the region and this store will allow us to better serve them. We’re excited to take the next step.”
The store will be built in Cabela’s trademark style with an exterior of log construction, stonework, wood siding and metal roofing. The interior will be designed to surround customers in the outdoor experience with wildlife memorabilia and trophy animal mounts, as well as a mountain replica featuring North American game animals re-created in their natural habitat. It also will feature a Fudge Shop, Bargain Cave and thousands of products, including hunting, fishing and camping gear, outdoor clothing, gifts and furnishings.
Cabela’s Regina store will be an anchor tenant in the Grasslands Shopping Center, which is being developed by Harvard Developments and includes Lowe’s, Walmart, Golf Town and other businesses.
Currently, Cabela’s operates 38 stores across the United States and Canada.