Jos. A. Bank Clothiers Inc. managed to keep up its winning financial ways in the first quarter, growing both the top and the bottom lines.
Net income for the quarter rose 16.5 percent to $11.5 million, or 62 cents a share, from $9.8 million, or 53 cents, a year earlier. Results topped the 58 cents analysts were looking for by 4 cents.
Sales for the quarter ended May 3 increased 11.4 percent to $161.9 million from $145.4 million. Comparable-store sales rose 4.3 percent as direct marketing sales advanced 12.1 percent.
In addition to increasing sales, the Hampstead, Md.-based firm, which sells men’s tailored and casual apparel through its 465 stores as well as catalogues and a Web site, is cutting back on costs. Sales and marketing expenses for the quarter rose on a net basis, but fell to 40.1 percent of sales from 41.9 percent a year earlier.
Last year, the company managed to boost profits by 16.4 percent to $58.4 million on an 8.9 percent comp-sales increase.
“Because we source so well, we can be aggressive on price and still make money,” Neal Black, chief executive officer, told WWD following the release of the results. Sales have improved, he added, because “we’ve been able to do marketing that is breaking through and stimulating the customer to buy.”
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