After a strong start to the holiday season, harsh weather took a toll on Jos. A. Bank which reported solid profit growth and a 1.8% same store sales increase during what is likely to be one of the company’s final earnings reports as a public company.
Jos. A. Bank agreed to be acquired by Men’s Wearhouse for $65 a share on March 11 and the transaction is expected to close by the third quarter of this year. The financial results the company reported on Wednesday were for the company’s fourth quarter ended March 1, and therefore didn’t include a large portion of sales related to the holidays. For example, Jos. A. Bank previously reported a 9.1% same store sales increase for the period between November 3, 2013 and December 24.
However, harsh weather following the holidays took a toll on the company’s momentum, but president and CEO Neal Black said trends have improved of late.
"We have generated double-digit total sales gains in fiscal February and the first four weeks of fiscal March of 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the non-promotional portion of our business. We are focused on maintaining this sales momentum while improving our profitability,” Black said.
The operator of 633 stores was solidly profitable in the fourth quarter, growing adjusted earnings per share by 9% to $1.07 compared to 98 cents the prior year. The profit figures excludes expenses totaling seven cents a share related to legal and professional services in conjunction with the Men’s Wearhouse acquisition.