Web sales continue their boom at Jos. A. Bank
Preliminary sales numbers show that the Internet business at Hampstead, MD-based Jos. A. Bank Clothiers Inc. grew 118.5% in the third quarter, vs. growth in total sales of 14.2%. Bank’s quarterly sales hit $50.2 million from $44 million a year ago. Internet sales grew 107.2% in October vs. a year ago. Total October sales were up 14.8% to $19.96 million from $17.39 million in October last year. Catalog sales declined 1.8% in the quarter and 18.4% in October.
“Internet sales continue to double and it is a great source for new customers,” said Robert N. Wildrick, CEO. “Some of our Internet sales are a result of the migration of customers from our catalog business. Therefore, we reduced our catalog circulation which has enabled both the catalog and Internet to increase profitability this quarter. We expect to continue this trend into the fourth quarter."
Jos. A. Bank will release actual third quarter 2001 earnings Nov. 19.
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