The Wall Street Journalreports that men's clothing retailer Jos A. Bank reported profits up 40% on increase sales. Same store stales for the retailer rose 6.2% for the quarter ending August 1st.
"With this quarter's results, we have achieved earnings growth in 31 of the past 32 quarters when compared to the respective prior year periods, including 13 quarters in a row," said President and Chief Executive R. Neal Black.
The company has an advantage in its direct sourcing arrangement with vendors, and it has been more price competitive than rivals. Last month, Jos. A. Bank said it would accelerate store openings next year, with a hopeful eye on rent discounts.
For the quarter ended Aug. 1, the company posted profit of $12.5 million, or 68 cents a share, up from $8.9 million, or 48 cents a share, a year earlier. Net sales increased 9.8% to $167.7 million as same-store sales rose 6.2% and direct-marketing sales fell 6.7%.
Men still need clothes as they hunt for jobs and Jos. A. Bank has been boosting revenues with promotions, such as the $199 suit sale they ran earlier this year.
The Wall Street Journal 
