Joey Bank Bombs

Jos. A. Bank Clothiers ($JOSB) just reported horrible earnings for its first quarter. The company earned 53 cents per share which was nine cents worse than expectations. To be fair, the company had told us that this quarter looked weak but we didn’t know exactly how weak until now. Quarterly revenue rose 4.2% to $208.91 million, although comparable stores sales dropped by 1%.

The stock is getting nicked this morning but this is cause for optimism. JOSB has said that this quarter is off to a good start: “So far the second quarter has started out much better than the first quarter. For May, both our comparable store sales and Direct Marketing sales are up compared to the same period last year, continuing the positive trend established in the last five weeks of the first quarter. However, Father’s Day, the most important selling period of the quarter, is still ahead of us.”

Posted by on May 30th, 2012 at 9:51 am

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