JoS. A. Bank 4Q profit falls, but beats estimates

JoS. A. Bank posts 36 pct drop in 4th-qtr net income, but beats Wall Street predictions

Associated Press

HAMPSTEAD, Md. (AP) -- JoS. A. Bank Clothiers Inc. said Wednesday its fiscal fourth-quarter net income dropped 36 percent, hurt by lackluster demand throughout the quarter, but still managed to beat Wall Street predictions.

For the quarter ended Feb. 2, the men's clothing retailer earned $28.4 million, or $1.01 per share, down from $44.1 million, or $1.58 per share, in the same quarter the year before.

Revenue rose 2 percent to $354.8 million from $346.3 million.

Analysts, on average, expected a profit of 98 cents per share on $365 million in revenue, according to FactSet.

The company said the recent quarter's sales started out slow as a result of Superstorm Sandy and distractions related to the presidential election. Later in the quarter, holiday season sales were hurt by weak demand for cold-weather items stemming from warmer-than-normal temperatures in many parts of the country.

For the full fiscal year, JoS. A. Bank earned $79.7 million, or $2.84 per share, down from $97.5 million, or $3.49 per share, the prior year. Revenue rose 7 percent to $1.05 billion.

JoS. A. Bank shares rose $1.22, or 3.1 percent, to $40.40 in midday trading.