HAMPSTEAD, Md. (AP) — Jos. A. Bank, which is being pursued by Men's Wearhouse for a possible combination, said its fiscal third-quarter net income climbed 2 percent as its sales increased.
Its results topped Wall Street's expectations, and the stock rose in premarket trading Thursday.
Last week Men's Wearhouse Inc. offered about $1.54 billion for Jos. A. Bank. The bid came after Jos. A. Bank dropped a $2.3 billion bid for its competitor. Jos. A. Bank said its board would evaluate the offer and respond "in due course."
For the three months ended Nov. 2, Jos. A. Bank earned $13.6 million, or 49 cents per share. That compares with $13.3 million, or 47 cents per share, a year earlier.
Removing expenses tied to its bid for Men's Wearhouse, earnings were 51 cents per share. Analysts polled by FactSet expected earnings of 50 cents per share.
Revenue rose 6 percent to $247.5 million from $232.9 million. Analysts expected $245 million.
Sales at stores open at least a year, a key indicator of a retailer's health, dipped 0.1 percent. This figure excludes results from stores recently opened or closed. When combined with online sales, the metric rose 2.4 percent.
President and CEO R. Neal Black said in a statement that revenue, direct sales, and sales at stores open at least a year all climbed in fiscal November when compared with the prior-year period.
Shares of Jos. A. Bank Clothiers Inc. gained 91 cents, or 1.6 percent, to $57.80 in premarket trading an hour before the opening bell after trading as high as $59 earlier.
The company has 629 stores in 44 states and the District of Columbia.