Jos. A. Bank Clothiers waited until four hours after the stock markets closed Friday to inform investors that it expects its profits for the year to be down about 20 percent after its holiday promotions failed to generate anticipated sales levels.
The guidance, issued at 8:05 p.m. Friday, implies that fourth-quarter profits will be off 39.5 percent, to $26.7 million from $44.1 million in the final quarter of 2011. A 20 percent drop in profits for the year, which ends Feb. 2, would put net income at $78 million, versus $97.5 million in 2011. The projections follow a 11.2 percent drop in third-quarter profits, which missed earnings per share estimates by 9 cents, even as sales rose 11.1 percent to $232.9 million, ahead of analysts’ expectations.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)