Jos. A. Bank Clothiers Inc. said Wednesday that its fiscal third-quarter profit climbed 8 percent, helped by solid sales in the last two months of the period. But the results fell short of Wall Street’s expectations and its stock dropped.
President and CEO R. Neal Black said in a statement that August sales were hampered by hot weather, but picked up in September and October and grew even stronger in November and early December.
The men’s clothing company reported net income of $12.6 million, or 45 cents per share, for the three months ended Oct. 30 compared with $11.7 million, or 42 cents per share, a year earlier.
Analysts polled by Thomson Reuters, whose estimates usually take out one-time items, expected net income of 50 cents per share.
Jos. A. Bank’s shares slid $3.01, or nearly 6.7 percent, to $42.03. Over the past year, the shares have traded between $25.78 and $47.36.
Revenue rose 7 percent to $173.3 million from $161.3 million. Wall Street analysts expected $177.9 million in revenue.
The chain said revenue at stores open at least a year climbed 3 percent, while direct marketing sales increased 14.9 percent.
Jos. A. Bank, based in Hampstead, has 502 stores in 42 states and the District of Columbia.