Jos. A. Bank Updates Q2 Forecast

Updated expectations for second-quarter diluted earnings per share are now lower than Wall Street's consensus estimates.

Jos. A. Bank Clothiers Inc. said Thursday that earnings for the second-quarter ended Aug. 3 are expected to be between 49 cents and 53 cents a diluted share. That’s compared with 83 cents earned in the same quarter a year ago and lower than Wall Street’s consensus estimate of 68 cents. 

R. Neal Black, president and chief executive officer, said, “While our total sales declined in the second quarter of fiscal 2013, we achieved stability in our gross profit margin rate. Specifically, our gross profit margin rate increased in both the fiscal months of June and July and the overall rate for the second quarter is expected to increase slightly from last year.”

Black explained that customers didn’t respond well to some of the retailer’s promotional campaigns, and that total sales fell “11 percent in the quarter, primarily during these promotional peaks.”

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