(By Balachander) Jos. A. Bank Clothiers Inc. (NASDAQ: JOSB) posted an unexpected drop in third-quarter profit, citing Hurricane Sandy and decline in operating margin due to additional markdowns and promotional activity.
The Hampstead, Maryland-based apparel retailer said it remains "cautious' for the outcome of the fourth quarter amid continued pressure on margins. Comparable store sales were down in November.
Earnings declined to $13.3 million or $0.47 per share for the third quarter from $15.0 million or $0.54 per share in the corresponding period of last year.
Total sales rose 11 percent to $232.9 million. Comparable store sales grew 4.8 percent and Direct Marketing sales jumped 25.8 percent, the company said.
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Wall Street analysts, on average, expected the company to earn $0.56 per share on sales of $231.8 million.
Cost of goods sold jumped 28 percent for the three months ended Oct. 27.
JOSB, which has been trading in the 52-week range between $39.54 and $54.99, closed Tuesday's regular trading session 0.46 percent lower at $47.28.