HAMPSTEAD — JoS A. Bank Clothiers Inc., the men’s clothing store, said Wednesday that its first-quarter profit rose 13 percent as revenue improved. But the results missed Wall Street expectations, and its shares tumbled more than 13 percent in pre-market trading.
CEO R. Neal Black said that profit margins had improved but didn’t give details on what the company had done to achieve that. He also said that online sales were strong, as were sales of suits and dress shirts. Some seasonal products, such as menswear, saw sales decline, Black said.
The retailer, which is based in Hampstead has remained profitable through the recession and its aftermath.
The retailer said its net income rose to $17.8 million, or 64 cents a share, from $15.8 million, or 57 cents a share, a year ago. Revenue increased 8.5 percent to $193.3 million from $178.1 million.
But analysts surveyed by FactSet expected earnings of 65 cents a share on revenue of $194.8 million.
Sales at stores open at least a year increased 0.1 percent, after an increase of 10.4 percent in the same period a year ago. That is an important measure of a company’s health because it excludes the impact of newly opened or closed stores.
Its shares fell $7.70, or 13.5 percent, to $49.40 in pre-market trading.