Jos. A. Bank Tops Q2 Forecasts, Shares Soar

The men's apparel retailer saw a strong surge in online sales

   

Jos. A. Bank Clothiers (NASDAQ:JOSB) announced on Wednesday that it earned $23.2 million during the second quarter, up from $20.6 million in the same period last year.

The men’s apparel and accessory retailer recorded quarterly sales of $260.3 million, up 12.9% from 2011, and topping Wall Street, which was looking for $251.1 million, Reuters noted.

retail shopping display1 Jos. A. Bank Tops Q2 Forecasts, Shares Soar
3 Specialty Retail Stocks to Buy Now

EPS was 83 cents, up from 74 cents last year. That easily beat analysts, who had forecast earnings of 73 cents a share.

Shares of Jos. A. Bank jumped about 14% in Wednesday afternoon trading.

Company officials said that same-store sales rose 6.1% compared to last year. The company plans to open 45 stores this year and another 50 next year.

After boosting its Internet presence with storefronts at eBay (NASDAQ:EBAY) and Amazon (NASDAQ:AMZN), Jos. A. Bank saw its direct marketing revenue soar 39.3% over 2011, representing 10% of total sales.

In May, the retailer added eBay’s PayPal mobile payment service, permitting customers to pay for purchases at its brick and mortar stores with their smartphones.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/jos-a-bank-tops-q2-forecasts-shares-soar/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.