NEW YORK – Jos. A. Bank Clothiers Tuesday morning posted record profits for the fourth quarter and full year that exceeded company estimates by 11 cents.
For the fourth quarter ended Feb. 3, net income grew 34.3% to $24.9 million, or $1.36 a diluted share, from $18.5 million, or $1.02, in the year-ago quarter. The EPS result was $0.11 higher than JAB’s previously provided guidance of $1.25 a diluted share.
As previously reported by the firm, net sales for the 14-week quarter were $194.1 million, 18.5% above the $163.8 million logged during its 13-week predecessor. Same-store sales rose 2.0%, comparing comparable 14-week periods, while direct marketing revenues were up 23.5%.
Gross margin increased to 62.8% of sales from 62.5% in the 2005 quarter.
JAB didn’t provide fourth-quarter profit results, but the numbers were extrapolated by subtracting the year-to-date numbers for the nine months from the full-year figures released on Tuesday.
For the full year, net income was up 22.6% to $43.2 million, or $2.36 a diluted share, from $35.3 million, or $1.95, in the prior year. The Hampstead, Md.-based men’s specialty retailer said on Feb. 8 that its full-year earnings would be “at least” $2.25.
Net sales climbed 17.6% to $546.4 million in the more recent 53-week year from $464.6 million in the prior year, which included 52 weeks. Same-store sales increased 4.3% over the comparable 53-week year-earlier period. As was the case in the fourth quarter, direct marketing revenues rose 23.5%.
Jos. A. Bank operates 382 stores in 42 states and Washington, D.C. It operates an e-commerce site at www.josbank.com.