Jos. A. Bank boosts sales in Q3

Jos. A. Bank slightly increased its net income to $13.6 million in the third quarter of fiscal 2013 from $13.3 million in the same period a year earlier. The retailer also saw its net sales grow about 6% to $247.5 million, from $232.8 million.



Same-store sales declined 0.1%, although direct marketing sales increased 23.5% and combined same-store and online sales increased 2.4%. Jos. A. Bank incurred $1.2 million of legal and professional expenses in connection with the company's bid to acquire The Men's Wearhouse.



"Our performance in the third quarter is a strong indication that we are taking the right actions to improve both our top and bottom lines,” said R. Neal Black, president and CEO of Jos. A. Bank. “In particular, the customer is responding well to the changes we are making in the promotional side of our business and our non-promotional business continues to grow strongly. This was evident in our improving sales trend, both in stores and online, as well as in our marketing efficiency and the 40 basis point increase in our gross profit margin rate in the third quarter, which represents our second consecutive quarterly increase."