Jos. A. Bank Clothiers Profits Surge 31.7% (JOSB)

Jos. A. Bank Clothiers, Inc. JOSB released financial results early Wednesday that beat Wall Street estimates. Jos. A. Bank Clothiers announced that its 2nd quarter net income jumped 31.7% to $16.5 million, or 59 cents per share, up from $12.5 million, or 45 cents per share, a year earlier. The company's revenue climbed 12.3% to $188.4 million, up from $167.7 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 53 cents per share, on revenue of $181.25 million. Jos. A. Bank Clothiers, Inc. (JOSB) finished Tuesday trading at $36.44 per share. The consensus price target of analysts covering the company's stock is $50.67 per share. President and CEO R. Neal Black said, “We are pleased with the Company’s financial performance for the second quarter of fiscal year 2010. Our combination of offering high quality men’s clothing at a great value continued to drive solid sales growth for the quarter, which, combined with the leveraging of our operating expenses, has resulted in strong earnings growth. With this quarter’s results, we have achieved earnings growth in 35 of the past 36 quarters when compared to the respective prior year periods, including 17 quarters in a row.” Read more from Benzinga's Company news.