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New York -- Wall Street is reacting to Jos. A. Bank’s news that it is cutting its second-quarter profit and sales outlook, sending shares spiraling downward.
Company CEO R. Neal Black said, “While our total sales declined in Q2, we achieved stability in our gross profit margin rate. Customers did not respond as well to some of our highly promotional, high sales volume marketing campaigns as they did in the prior year.”
Total sales declined 11% in the second quarter.