NEW YORK (
JoS. A. Bank Clothiers
posted a strong jump in quarterly earnings on Wednesday with same-store sales rising 14.7%.
The Hampstead, Md.-based men's clothing retailer reported earnings of $20.6 million, or 74 cents a share, for the three months ended July 30, as sales rose 22.4% year-over-year to $230.7 million.
The average estimate of analysts polled by
was for a profit of 68 cents a share in the July-ended quarter on revenue of $209.7 million.
"With this quarter's results, we have achieved earnings growth in 39 of the past 40 quarters when compared to the respective prior year periods, including 21 quarters in a row," said R. Neal Black, the company's president and CEO, in a statement. "While sales are just one component of overall profit and August is a relatively small sales month, our comparable store sales in August are up slightly compared to the same period last year, despite the impact of the recent hurricane."
The stock closed Tuesday at $47.27, up 2.8%. Year-to-date, the shares have risen 17%. Wall Street was in wait-and-see mode on the company ahead of the report with five of the eight analysts covering the stock rating it at hold.
Written by Michael Baron in New York.
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