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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.

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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.

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