Markdowns and a last-minute promotion upended by Hurricane Sandy hit Jos. A. Bank Clothiers Inc.’s bottom line hard in the third quarter, delivering an earnings decline despite a double-digit increase in sales.
“We had a decline in our operating income margin due to additional markdowns and promotional activity which were needed to drive these sales,” said R. Neal Black, president and chief executive officer of the Hampstead, Md.-based men’s specialty store chain. “Also, Hurricane Sandy, which hit along the East Coast where the majority of our largest volume regions are located, negatively impacted third-quarter sales, particularly when we ran a big promotion right at the end of the quarter.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"