NEW YORK (AP) — Shares of Jos. A. Bank Clothiers Inc. dropped to their lowest point in more than two years on Monday as the men's clothing company announced its fiscal 2012 net income will be about 20 percent lower than the previous year.

The retailer's 2011 net income was $97.5 million, which implies $78 million for 2012.

Late Friday, Jos. A. Bank said that its full-year sales will be up, but will not offset increased marketing expenses and lower gross margin.

President and CEO R. Neal Black said in a statement that the Hampstead, Md.-based company's fourth-quarter sales started out slow due to Superstorm Sandy, the distractions of the presidential election and uncertainty surrounding whether the government would go over the fiscal cliff at the start of the New Year.

Black said the retailer thought business would pick up during the holiday season, but that its results were hampered by unseasonably warm weather since many of its promotional items and holiday assortment was geared toward colder temperatures.

The holiday season is a critical period for retailers, as it can make up as much as 40 percent of their annual revenue.

Jos. A. Bank anticipates opening 45 to 50 new stores in fiscal 2013. It has 602 stores in 44 states and the District of Columbia.

The stock fell $7.59, or 16.4 percent, to $38.68 morning trading. The shares declined to $37.90 earlier in the session, their lowest level since September 2010.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel