Thursday, JoS. A. Bank Clothiers Inc. (JOSB), a retailer of men's clothing and accessories, reported a 32% year-over-year increase in its third-quarter earnings per share that topped analysts' estimate, backed by double-digit growth in revenues.
JoS posted third-quarter net income of $9.3 million, compared to $7.1 million in the previous year. Earnings per share increased 32% to $0.50 from $0.38 during third quarter of fiscal year 2007.
On average, four analysts polled by First Call/Thomson Financial expected the company to earn $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Operating income amounted to $13.85 million, up from $11.49 million in the year-earlier quarter.
Total sales for the quarter advanced 13.7% to $149.3 million from $131.3 million in the last year. Wall Street analysts were looking for revenue of $145.57 million for the quarter. Comparable store sales rose 7.0%, while Direct Marketing sales decreased 11.4%.
For the nine-month period, net income totaled $28.0 million, compared to $23.7 million in the prior-year period. Earnings per share grew 19% to $1.52 from $1.28 in the same period last year.
Net sales increased 13.2% to $447.41 million from $395.11 million for the first nine months of fiscal year 2007. Comparable store sales advanced 6.8%, whereas direct marketing sales decreased 0.4%.
As of November 1 2008, cash and cash equivalents of the company were $44.45 million.
JOSB closed Wednesday's trading session at $21.49, up 8.87%.
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