JoS. A. Bank Clothiers Reports 13% Increase In Profits For First Quarter Of Fiscal Year 2011
JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market: JOSB) announces that net income for the first quarter of fiscal year 2011 increased 12.7% to $17.8 million as compared with net income of $15.8 million for the first quarter of fiscal year 2010. Earnings per share for the first quarter of fiscal year 2011 increased 12.3% to $0.64 per share as compared with earnings per share of $0.57 for the first quarter of fiscal year 2010. The first quarter of fiscal year 2011 ended April 30, 2011; the first quarter of fiscal year 2010 ended May 1, 2010.
Total sales for the first quarter of fiscal year 2011 increased 8.5% to $193.3 million from $178.1 million in the first quarter of fiscal year 2010, while comparable store sales increased 0.1% in the first quarter of fiscal year 2011 compared to a 10.4% increase in the first quarter of fiscal year 2010. Direct Marketing sales increased 22.1% for the first quarter of fiscal 2011.
“We are pleased with our first quarter of 2011, particularly the gross profit margin, which grew by 120 basis points and resulted in a gross profit dollar increase of 10.6%. We faced very strong results from the first quarter of 2010 and had good sales gains in the first quarter of fiscal year 2011 in the suits and dress shirts categories, while our sales declined in certain seasonal products such as sportswear,” stated R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "With this quarter’s results, we have achieved earnings growth in 38 of the past 39 quarters when compared to the respective prior year periods, including 20 quarters in a row. While sales are just one component of the overall profit, we are also pleased that so far for the second quarter our comparable store sales are up compared to the same period last year, which is a good improvement in the most recent comparable store sales trend. Our Internet business remains very strong,” continued Mr. Black.
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