Men's clothing and accessories designer Jos. A Bank Clothiers Inc. (JOSB) reported Wednesday a 31.7% increase in second-quarter profit, reflecting a 12.3% growth in sales. Both earnings and revenue came in above Street view.
For the second quarter, net income rose to $16.48 million from $12.51 million in the previous year. On a per share basis, earnings improved to $0.59 from $0.45 in the past year. On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share in the second quarter. Analysts' estimates typically excludes special items.
Net sales for the quarter increased 12.3% to $188.41 million from $167.74 million. Three analysts were expecting revenue of $181.25 million in the second quarter.
For the three month period, operating income increased to $27.41 million from $20.68 million, as total operating expenses increased to $90.92 million from $82.49 million in the prior-year quarter.
The Hampstead, Maryland-based company noted that comparable store sales rose 9.2% year-over-year.
JOSB closed Tuesday's regular trading hours at $36.44 on the NASDAQ.
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