| Jos. A. Bank expanding locations |
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Jos. A. Bank expansion is on track
Jos. A. Bank Clothiers Inc. has opened eight new stores this year, with four slated to open by Father’s Day. The expansion is part of the Hampstead retailer’s plan to open between 30 and 40 new stores by the end of its 2010 fiscal year, which ends Jan. 30, 2011. The progress in opening new stores “marks a significant milestone toward our full-year goal,” R. Neal Black, CEO of Jos. A. Bank (NASDAQ: JOSB), said in a press release. The retailer opened new 14 stores in fiscal year 2009, the company said in its 2009 10-K annual report. Of the 12 new store locations announced to date, none is in Greater Baltimore. One is in Maryland, in Chevy Chase. However, the added locations will mean more jobs for the Baltimore area because the company has said it plans to add as many as 75 workers at its distribution center in Carroll County. Jos. A. Bank posted a 37 percent increase in net income for the first quarter ended May 1. It earned $15.8 million, or 85 cents a share, up from $11.5 million, or 62 cents a share, in the first quarter of fiscal year 2009. Same-store sales, a key measure of a retailer’s success, jumped 10.4 percent during the quarter. The company operates 480 stores in 42 states and the District of Columbia. Read the article on the Baltimore Business Journal |
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