Shares of Jos. A. Bank (NASDAQ:JOSB) plummeted more than 18% in Monday morning trading after the men’s apparel retailer said it expected its profit for the fiscal year to fall by 20%.
The company noted that its annual sales for fiscal 2012, which ends on Feb. 2, will top $1 billion, a record. However, it warned that fourth-quarter results were dampened by the fallout from Superstorm Sandy and lingering economic worries from the U.S. fiscal cliff negotiations in December, Bloomberg noted.
Warmer-than-usual weather at the end of last year also hurt sales, company officials noted. Many of the items it had promoted during the holidays were geared for colder weather. Marketing costs were also up for the year.