Web sales rise 138% in first quarter at Jos. A Banks

Stellar sales on its web site have kept multichannel apparel retailer Jos. A. Banks from experiencing a down quarter, the company reported today. Companywide sales were up 2% for the first quarter, thanks to web growth of 138%. Comparable-store sales were down .8% and catalog sales were down 19%. Total sales for the quarter reached $47.7 million, up 2% from $46.4 million in the same period a year ago. The company expects to report per-share earnings of 9-10 cents (excluding a one-time charge), compared to earnings of 16 cents per share in the first quarter last year. Jos. A. Banks has 118 stores nationwide in addition to a catalog with a circulation of 8 million and its web site. “I’m pleased that the 11 new stores that we opened in the second half of 2000 are performing well and our combined catalog and Internet sales have increased for the year,” said Robert N. Wildrick, CEO. “We came into the year being very aggressive in our promotions as we expected a tough retail environment.”