JoS. A Bank Posts Record Q3

Earnings per share increased 45% to 32 cents during the period ending Oct. 29, 2005, topping fiscal 2004's third quarter earnings of 22 cents per share. Third quarter net income of $4.7 million also set a record, overshadowing last year's $3.2 million in third-quarter income and surpassing net income figures for 16 previous quarters, the company said. Total sales for the quarter increased 27.8% to $105.6 million, up from the $82.6 million recorded during the same period in 2004. Comparable store sales also rose 14.1%, while combined catalog and Internet sales increased 22.6% from the third quarter of fiscal 2004.

The company, which operates 316 stores in 39 states and the District of Columbia, said net income for the first nine months of fiscal 2005 was also strong, increasing to $16.7 million from $11.9 million for the same period in 2004 while per share earnings rose 38% to $1.16 compared with 84 cents for the first nine months of fiscal 2004. Total sales for the prior nine months increased 23% to $300.8 million, as compared with $244.6 million in the same period in fiscal 2004. For the first nine months of fiscal 2005, comparable store sales were up 7.7%, while combined catalog and Internet sales rose 24.1%, compared to the prior year's period.

President and chief executive officer Robert Wildrick attributed the strong numbers to the company's increased presence in 17 states where JoS. A Bank opened 22 new stores in the three month period. The firm plans to open an additional 17 to 18 stores during the fourth quarter with 55 to 65 stores planned for fiscal 2006, he said.

In a conference call Monday, R. Neal Black, executive vice president of marketing and merchandising, said he expects a strong holiday selling season to continue the merchandising trend set in the prior two quarters.

Black also said he sees no impact on the company from global trade or currency issues in 2006 and anticipates no major inflation in the cost of raw materials and manufacturing.