If it were to buy another chain, the company would most likely stay in men's wear at a different price point than its current business-attire stores, said Robert Wildrick, JoS. Bank's CEO, president and director. Since many of the chain's executives have experience in women's attire, an acquisition in that sector is also a possibility, he said. The company is not looking at getting into young men's, junior or children's clothing.
Any chain that JoS. Bank buys would have to be accretive from the beginning and add value to the company, Wildrick said. "It can be sick, but not broken," he said.
About two-thirds of the stores the company will open this year will be in existing markets, while the rest will go into new areas. Overall JoS. Bank executives forecast a total of 450 to 500 stores in the chain. Last year it opened 60 units.
For its fiscal year, which ended Jan. 29, JoS. A. Bank's same-store sales jumped 8.4% over the previous year. Net income leaped 50% to $20.4 million, while sales rose 24.3%, to $372.5 million. Executives predict to reach sales of $400 million this year.
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