Jos. A. Bank Clothiers
posted a handsome third-quarter profit Monday, as strong Internet and catalog sales helped drive a 17% hike in net income.
The men's clothing chain said net income jumped to $3.4 million, or 24 cents a share, up from $2.9 million, or 20 cents a share, in the same quarter last year. That increase followed a 53% year-over-year increase logged in the third quarter of 2003.
The results were in line with Wall Street's consensus estimate.
Sales increased 14.7% to $82.6 million. Comparable-store sales, those at stores open for at least a year, rose a paltry 0.4%. Internet and catalog sales were up 18.8%.
For the first three quarters of 2004, the company's total sales are up 23.1% to $244.6 million, while comps have added 7.9%.