JoS. A. Bank expects 1Q profit below Street
Posted: 7:03 am Mon, May 13, 2013
JoS. A. Bank Clothiers Inc. said Monday that its fiscal first-quarter earnings will likely come in below Wall Street’s view as sales were hurt in part by lower prices.
The men’s clothing company anticipates quarterly earnings between about 27 cents and 30 cents per share. Analysts polled by FactSet predict earnings of 46 cents per share.
President and CEO R. Neal Black said in a statement that JoS. A. Bank’s gross margin was hurt by increased inventory sourcing costs. Sales also dropped approximately 3 percent, mostly in April, as the retailer contended with cool weather.
JoS. A. Bank has 606 stores in 44 states and the District of Columbia.
Its shares fell 11 cents to $46.10 on premarket trading three hours before the market opening.
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