Jos. A. Bank Q1 earnings rise 10.3 percent

REPORT_ Jos. A. Bank Clothiers announced that its adjusted earnings per diluted share were 0.32 dollars for the

first quarter of fiscal 2014, representing a 10.3 percent increase compared to adjusted earnings per diluted share of 0.29 dollars in the first quarter of fiscal 2013. Adjusted net income was 9 million dollars for the first quarter of fiscal 2014 compared to 8.1 million dollars in the same period in fiscal year 2013.

Elaborating on the results, R. Neal Black, President and CEO, said, “We are pleased to have continued the positive trend of increases in adjusted earnings that started in the second half of 2013. Comparable brand sales increased by double digits in the first two months of the quarter but then slowed after Easter resulting in a strong 8.4 percent increase for the quarter. As we begin the second quarter, we had solid sales again in fiscal May 2014 as we generated an estimated total sales gain of approximately 7.7 percent. However, our gross profit margin rate declined in May as we aggressively sold clearance goods left over from spring 2013 and our sales and marketing expenses increased.”

After deducting the 75.4 million dollars of Strategic Activity Costs, GAAP net (loss) was 37.1 million dollars or 1.33 dollars per diluted share for the first quarter of fiscal year 2014. GAAP net income in the first quarter of fiscal 2013 was 8.1 million dollars or 0.29 dollars per diluted share.

The estimated financial results for fiscal May 2014 presented above are preliminary and are still subject to the internal completion of financial closing and review procedures.