In its second-largest acquisition, Amazon buys the company for $970 million.
Jos. A. Bank Clothiers Inc. expects its final 2004 web sales to be around $20 million, up 21% from $16.5 million in 2003.
Jos. A. Bank Clothiers Inc. expects its final 2004 web sales to be around $20 million, up 21% from $16.5 million in 2003. At Jos. A. Bank, a multi-channel men’s clothing retailer and manufacturer, the web represents about 50% of all direct marketing sales, says executive vice president and CFO David E. Ullman. The company expects its final 2004 total sales to be about $375 million, compared with total sales of $350 million in 2003. Total catalog and Internet sales are expected to be about $40 million in 2004, up from $33 million in 2003.
As 2005 unfolds, Ullman says Jos. A. Bank is looking at new ways to use the Internet to sell online to a broader base of international customers and use the web as a catalyst for multi-channel sales opportunities.
For instance, the retailer, which carries about 35,000 total SKUs online, will continue to use the web to test new pricing and products before offering them in upcoming catalogs. Jos. A Bank is also now posting online versions of its most recent catalogs for long-time customers who prefer shopping by catalog, but like the speed and convenience of ordering online.
“The web continues to grow very nicely for us,” Ullman says. “We are continuing to grow this channel.”
In a sign that customers are becoming more comfortable buying their clothes online, Ullman says Jos. A Bank saw more shoppers purchasing merchandise just prior to Christmas in 2004 than in previous years. “There used to be a drop-off the closer we got to Christmas, but not this year,” he says.