Jos. A. Bank Clothiers Inc. announced its fourth consecutive quarter of record sales and earnings for the second quarter of its fiscal year, driven in part by increases in sales in its direct segment. For the second quarter ended Aug. 3, combined web and catalog sales rose 34.2% over the year ago quarter; for the second half, combined web and catalog sales rose 29.7% over the second half of last year.
Total company sales rose 12.5% to $51.9 million for the quarter. The company posted net income of $942,000, an increase of 224% from the second quarter of last year. For the first half, net sales rose 15.1% to $107.3 million and produced net income of $2.7 million, a 235% increase over last year’s second half.
“We are extremely pleased to report another quarter of record earnings that exceed management’s expectations and those of the research analysts that follow the company,” says Robert N. Wildrick, CEO. Bank, which sells classically styled tailored and casual clothing, operates 145 stores, a catalog and josabank.com. Bank expects to open 17 new stores during the third and fourth quarters, and its direct segment, which saw 31% sales growth year over year in the company’s first quarter, continues to post steady gains in sales. Bank does not break out web from catalog sales.
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