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JoS. A. Bank sells men's suits, tuxedos, casual clothing, footwear and accessories through 465 stores in 42 states and the District of Columbia and through its web site, www.josbank.com.
Same Store Sales Climbed 4.3% in the Fiscal First Quarter
On June 2, JoS. A. Bank reported fiscal first-quarter results and surprised for the fifth quarter in a row, by 3 cents, or 5.1%. Earnings per share rose 17% to 62 cents from 53 cents in the year ago period. Analysts were expecting 59 cents.
Despite the tough retail environment, total sales still jumped 11.4% to $161.9 million from $145.4 million in the year ago period. This was 2.2% higher than analysts expected. More importantly, comparable store sales grew 4.3% year-over-year while direct marketing sales rose 12.1%.
Consensus Estimates Rising
Covering analysts will need time to react to the first-quarter results, but even going into the earnings report full-year 2009 consensus estimates were rising.
2 out of the 6 covering analysts had raised in the last month, pushing the consensus up to $3.47 per share from $3.40.
JoS. A. Bank is a Zacks #1 Rank (strong buy) stock. It is trading at 11.5x forward earnings and has a price-to-book of 2.34. The company also has a stellar 5-year return on equity (ROE) of 22.70%.
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