HAMPSTEAD, Md. - JoS A. Bank Clothiers Inc. said Wednesday that its fiscal fourth-quarter profit climbed 8 percent as revenue improved.
But its shares fell sharply as the men's clothing company cautioned that the first quarter is beginning more slowly than expected, as direct marketing sales and revenue at stores open at least a year are both down for the first eight weeks of the period.
JoS A. Bank said that softer-than-expected customer traffic and milder winter weather is pressuring its first-quarter performance.
Its shares tumbled $5.22, or 9.6 percent, to $49.26 in afternoon trading. Its shares had been moving higher since early January. They bottomed out in mid-August at $40.46 after rising as high as $57.14 in late May 2011.
The Hampstead, Md., company reported net income of $44.1 million, or $1.58 per share, for the period ended Jan. 28. That's up from $40.9 million, or $1.47 per share, a year earlier.
This met the expectations of analysts polled by FactSet.
Revenue increased 9 percent to $346.3 million from $318.3 million, but fell short of Wall Street's $353.4 million forecast.
For the full year, JoS. A Bank posted net income of $97.5 million, or $3.49 per share. That compares with earnings of $85.8 million, or $3.08 per share, in the previous year.
Annual revenue rose 14 percent to $979.9 million from $858.1 million.
Revenue at stores open at least a year climbed 7.6 percent. This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
Direct marketing sales increased 14.7 percent.
JoS A. Bank has 556 stores in 43 states and the District of Columbia.
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