JoS. A. Bank (JOSB) Posts Strong Q2 Profits and Sales Gains, Shares Surge
JOSB Hot Sheet
EPS Growth %: +7.5%Financial Fact:
Total operating expenses: 109.31M
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TARO, BRLI, TLB, More
JoS. A. Bank Clothiers Inc. (NASDAQ: JOSB) posted better-than-expected results for the second quarter on Wednesday as profit jumped 32 percent in the period.
Shares of the company are soaring following the results, up nearly 14 percent in midday trade Wednesday.
The clothing retailer that specializes in men’s dress attire reported second quarter earnings of $16.5 million or 59 cents per share, up from $12.5 million or 45 cents per share earned during the same quarter last year.
Revenue for the company rose 12 percent to $188.4 million in the three month period ended July 31 from $167.7 million last year.
On average, analysts had been looking for earnings of 53 cents per share from JoS. A. Bank in the period on sales of $181.25 million.
Same store sales or sales at locations open at least one year rose 9.2 percent. Comparable sales are closely watched as they are a key indicator of a retailer’s health.
"We are pleased with the company's financial performance for the second quarter of fiscal year 2010," commented R. Neal Black, President and CEO of JoS. A. Bank. "Our combination of offering high quality men’s clothing at a great value continued to drive solid sales growth for the quarter, which, combined with the leveraging of our operating expenses, has resulted in strong earnings growth."
The company added that it has achieved year-over-year earnings growth in 35 of the past 36 quarters, including the past 176 consecutive periods.
Shares of JoS A. Bank are up 13.93 percent to $41.51 in midday market movement on Wednesday.
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Shares of the company are soaring following the results, up nearly 14 percent in midday trade Wednesday.
The clothing retailer that specializes in men’s dress attire reported second quarter earnings of $16.5 million or 59 cents per share, up from $12.5 million or 45 cents per share earned during the same quarter last year.
Revenue for the company rose 12 percent to $188.4 million in the three month period ended July 31 from $167.7 million last year.
On average, analysts had been looking for earnings of 53 cents per share from JoS. A. Bank in the period on sales of $181.25 million.
Same store sales or sales at locations open at least one year rose 9.2 percent. Comparable sales are closely watched as they are a key indicator of a retailer’s health.
"We are pleased with the company's financial performance for the second quarter of fiscal year 2010," commented R. Neal Black, President and CEO of JoS. A. Bank. "Our combination of offering high quality men’s clothing at a great value continued to drive solid sales growth for the quarter, which, combined with the leveraging of our operating expenses, has resulted in strong earnings growth."
The company added that it has achieved year-over-year earnings growth in 35 of the past 36 quarters, including the past 176 consecutive periods.
Shares of JoS A. Bank are up 13.93 percent to $41.51 in midday market movement on Wednesday.
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