Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HAMPSTEAD, MD-JoS. A. Bank steps up its plan to open 60 new stores this year by scheduling 46 new units between now and Dec. 31 and at least 25 this quarter. Among the newest to come on line are units at Arlington Town Center in Arlington Heights, IL; Shoppes at College Hills in Normal, IL; Waterford Commons in Waterford, CT, and Abercorn Walk in Savannah, GA.

The overall goal, according to Robert N. Wildrick, CEO, “is to become the dominant menswear brand in the US.” Plans call for expanding the company’s current 287-store count to about 500 over the next three to four years. During the clothier’s first-quarter conference call this year, Wildrick said it might buy another chain in order to accelerate its expansion.

Without naming names, he hinted that an acquisition in the women’s apparel field was not out of the question, but he did rule out young men’s, junior and children’s apparel. Wildrick said any acquisition would have to add value from the start, and added, “it can be sick, but not broken.”

Meanwhile, the growth of the company’s catalog and internet sales combined are far outpacing store sales. Total July sales were $27.1 million, up 15.3% over July 2004 sales of $23.5 million. Comp store sales, however, rose just 0.5% this July versus last, while catalog and internet sales jumped 21.5%.

That follows a pattern set this year. Total sales for the six months ended July 30, 2005 increased 20.6% to $195.2 million, compared with $161.9 million for the first six months of 2004. Comp store sales for the first half of this year rose 4.5%, compared with the same period a year ago, while combined catalog and internet sales increased 24.9%.

“We entered July with significantly less clearance merchandise than the prior year,” said David E. Ullman, CFO, “which resulted in higher gross profit margin and lower clearance sales in the month.” The overall sales gain during July was led by increases in seasonal sportswear products, according to Ullman. Same store sales for the most recent full fiscal year were up 8.4%, while total sales rose 24.3% to $372.5 million. The goal for this year is $400 million in sales.

The market for men’s casual and formal workwear has shown “pretty solid growth,” according to Kevin Foll, senior specialty retail analyst for Chicago-based Next Generation Equity Research LLC. In general, Foll said, “the men’s clothiers market is not an over-stored environment, and there’s differentiation among the retailers in it.” The JoS. A. Bank differentiator is men’s classically styled tailored and casual clothing, sportswear, footwear and accessories, according to a company statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.