In its second-largest acquisition, Amazon buys the company for $970 million.
Sales at josbank.com grew 85% in Q2 and 110% in the first half, while overall sales grew 2.8% in Q2 and 2.4% in the half.
The Internet is shining for Jos. A. Bank Clothiers Inc., based in Hampstead, MD. While sales in comparable stores decreased 1.2% in the second quarter of 2001 from last year’s second quarter and catalog sales decreased 18%, web-based sales grew 85%. Overall sales in the second quarter grew 2.8% to $46.1 million, including sales from new stores.
The Internet story is even more dramatic for the first half. Total sales for the first half increased 2.4% to $93.5 million over the same period in 2000. Comparable store sales decreased 1% and catalog sales decreased 19%. Meanwhile Internet sales increased 110%.
"We have done a great job in this difficult retail environment by increasing the profits in our store and Internet segments,” said Robert N. Wildrick, CEO.
Jos. A. Bank, established in 1905, operates 126 stores nationwide, a catalog with circulation of 8 million, and the web site at www.josbank.com.