Jos. A Bank Clothiers Inc. (JOSB) reported that its first quarter of fiscal year 2013 net income declined to $8.1 million from $14.8 million in the first quarter of fiscal year 2012. Earnings for the first quarter were $0.29 per share compared with earnings of $0.53 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Total sales for the first quarter decreased 2.6% to $196.1 million from $201.4 million in the first quarter of fiscal year 2012. Three analysts had consensus revenue estimate of $195.41 million for the quarter.
Comparable store sales decreased 8.5% and Direct Marketing sales increased 12.6% in the first quarter of 2013 as compared with the first quarter of 2012. Combined comparable store and Internet sales for the first quarter of fiscal year 2013 decreased 6.4% when compared to the first quarter of fiscal year 2012.
Neal Black, President and CEO of JoS. A. Bank Clothiers said, "The sales trend has continued into the second quarter of fiscal year 2013 as sales are down for the fiscal month of May. For the remainder of 2013, we will continue to focus on our goal of returning to previous levels of gross margin rates and advertising productivity. As such, we will continue to test, evaluate and refine our merchandising and advertising offerings to optimize the appeal to our customers."
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