Market and Business News

Joseph A. Bank Reports Q3 2013 Quarterly Financial Results

9 years ago

Earnings Announcements in Brief
Joseph A. Bank Clothiers Inc.
Q3-2013 (ended 10/2013)
 

Report Date:

Thursday,  December 5, 2013

Ticker Symbol:

JOSB: NASDAQ Global Select

Company Name:

Joseph A. Bank Clothiers Inc.

Reporting period:

Q3-2013 (ended 10/2013)

REPORTING HIGHLIGHTS
  • Adjusted Q3 EPS/Diluted came in at $0.51 which was a 9% increase over the $0.47 reported for the same quarter last year
  • GAAP Net Income was reported as $13.6M which was approximately 2.25% higher than the $13.3M from the same quarter last year
  • Total Sales recorded a 6.3% increase over last year, from $232.9 in Q3-2012 to $247.5M
  • Combined Internet sales and Comparable store sales increased 2.4% from last year. However, when compared to the first 9-months of 2012, 9-months of 2013 recorded a 6.4% decline in Combined comparable store and Internet sales
  • Gross Profit margins for Q3-2013 increased by 40 basis points, which represented a second consecutive quarterly increase 

The company's management re-stated their believe that customers and shareholders approve of the company's shift in strategy, especially in regards to the aggressive promotional aspect of its marketing approach.

As proof of the success of the company's forward direction, President and CEO R. Neal Black pointed to the fact that the start of Q4 2013 (November) has seen an increase in total sales, comparable store sales and Direct sales, compared to last November.

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A day after the earnings announcement (Dec 5, 2013) the company's shares were trading about half-a-percentage point higher.

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