JoS. A. Bank Clothiers, Inc. (JOSB) Tuesday said its first quarter profit rose from the prior year on an 11.4% increase in quarterly revenues. Comparable store sales rose 4.3%. Earnings and revenue, came in above Street estimates for the quarter.
First quarter net income of JoS. A. Bank increased to $11.46 million from $9.83 million in the year-ago quarter. On a per share basis, earnings were up 17% at $0.62, compared to $0.53 in the prior year quarter.
On average, six analysts polled by Thomson Reuters expected earnings of $0.58 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter rose 11.4% to $161.93 million from $145.40 million in the previous year quarter, while comparable store sales increased 4.3% and direct marketing sales increased 12.1%. The Street expected revenues of $158.98 million for the quarter.
Operating income was $18.85 million, compared to operating income of $16.84 million in the same quarter a year ago.
JOSB closed Tuesday's regular trading at $41.22, up $0.50 or 1.23%, on a volume of 1.01 million shares.
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