Jos. A. Bank Clothiers Inc. bounced back from a soft fourth quarter with robust sales increases in February and March.
After generating a comparable-sales increase of 9.1 percent between Nov. 3 and Dec. 24, the company was hit by the inclement weather and slow traffic that characterized the latter part of the fourth quarter for many retailers, reducing comparable-sales gains for the three months to 1.8 percent.
“We have generated double-digit total sales gains in the fiscal February and the first four weeks of fiscal March of 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the nonpromotional portion of our business,” said R. Neal Black, president and chief executive officer. “We are focused on maintaining this sales momentum while improving our profitability.”
In the quarter ended Feb. 1, the company, which has agreed to be acquired by its larger competitor The Men’s Wearhouse Inc. for $1.8 billion in cash, generated net income of $27.4 million, or 98 cents a diluted share, 3.6 percent below the $28.4 million, or $1.01, reported for the same period in 2012. Excluding special items, including costs related to the Men’s Wearhouse acquisition, adjusted earnings per share were $1.07, identical to the consensus estimate of analysts.
Revenues rose 0.4 percent to $356.1 million from $354.8 million, and increased 4.7 percent when the effect of the 14th week in the final quarter of 2012 was eliminated. Gross margin fell to 55.6 percent of sales from 55.9 percent, while operating income paralleled the earnings performance, declining 3 percent to $44.4 million.
Black credited “the combination of our improved marketing efficiency through our new promotional strategies and strict financial discipline” for the improvement in adjusted EPS.
For the full year, the Hampstead, Md.-based specialty chain’s net income declined 20.5 percent to $63.3 million, or $2.26, from $79.7 million, or $2.84, in 2012. Revenues slid 1.6 percent to $1.03 billion from $1.05 billion.
The company continues to expect consummation of the Men’s Wearhouse acquisition before the start of the third quarter of the fiscal year.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)