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Hampstead, Md. -- Jos. A. Bank Clothiers reported Wednesday that net income for the fiscal year ended Feb. 2 slid to $79.7 million, from $97.5 million in the prior year.
Annual sales rose 7.1% to a record $1.05 billion, from $979.9 million. Same-store sales decreased 0.5%.
Jos. A. Bank had warned that net income for fiscal year 2012 was expected to be approximately 20% lower than net income for fiscal year 2011.
"Although we did not achieve an increase over the record earnings of fiscal year 2011, we were still very profitable with net income of 7.6% of net sales in fiscal year 2012,” said R. Neal Black, president and CEO, JoS. A. Bank. “We are disappointed that we were not able to drive the sales gains we expected in our comparable stores.”
Black added that the company remains cautious about the first quarter of 2013.