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JoS. A. Bank profit nosedives in Q2


Hampstead, Md. -- JoS. A. Bank Clothiers reported that net income for the second quarter dropped 38% to $14.2 million, compared with $23.2 million in the same period last year, amid weaker sales.

Total sales fell 10.7% to $232.5 million. Same-store sales plummeted 15.9%; direct marketing sales decreased 1.9%.

“Customers did not respond as well to some of our highly promotional marketing campaigns as they did in the prior year, causing the disappointing sales decline in the quarter,” said R. Neal Black, president and CEO. “At the same time, day to day sales on the non-promotional portion of our business in stores increased during the quarter and have the potential to represent a larger portion of our business going forward.”

The company announced it has brought former Bon-Ton CEO Bud Bergren on as a member of the board of directors. Bergren is credited with successfully steering a turnaround and with leading the acquisition of Saks’ northern division.

Bergren’s appointment is effective immediately.

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