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.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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?"