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Jos. A. Bank warns of Q2 decline
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. -
2013 legal and compliance bill to exceed $300 million
While second quarter sales were less than expected, one area where Walmart exceeded plan was expenses incurred related to Foreign Corrupt Practices Act and compliance matters.
The company said it spent $82 million on efforts in those areas compared to the $65 million to $70 million it though it would spend at the start of the year. Expenses during the first half of the year totaled $155 million.