Formal men's attire manufacturer JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB), released its third quarter financial results today for third quarter ended October 29, 2011.
Hampstead, Md-based JoS. A. Bank reported double digit increases in both revenue and net income.
Revenue jumped 21.0 percent sales in the third quarter 2011 to $209.6 million versus $173.3 million in the third quarter of 2010.
JoS. A. Bank beat the average analyst estimate for revenue of $196.03 million and exceeded the high estimate of $198.70 million.
Net Income totaled $15.0 million or $0.54 cents per share, a year-over-year increase of 19.3 percent from the same time last year when profits amounted to $12.6 million or $0.45 cents per share.
The average analyst estimate for earnings of $0.51 cents per share was beat by $0.03 cents, as well as exceeding the high estimate of $0.53 cents per share.
But R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc., gave an early warning on fourth quarter results.
"The fourth quarter, compared to a very strong performance last year, has started out more slowly than we had planned. November comparable store sales declined, while our direct segment sales increased, compared to the same period last year. As a result, we have adjusted our December merchandising and marketing plans for stores. We believe our efforts will be effective and appealing to our customers. Therefore we remain cautiously optimistic for the outcome of this year's fourth quarter,"