JoS. A. Bank Updates Q3 Earnings Outlook - Quick Facts

(RTTNews) - Retailer JoS. A. Bank Clothiers, Inc. (JOSB) announced Tuesday that adjusted earnings for the third-quarter of fiscal 2013 are projected to increase to about $0.49 to $0.51 per share, excluding the expense of legal and other professional services related to the company's acquisition proposal for The Men's Wearhouse Inc. of about $0.02 to $0.03 per share. The adjusted earnings per share would represent a gain of about 4%-9% over the $0.47 per share reported in the year-ago third quarter.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.43 per share for the third-quarter. Analysts' estimates typically exclude special items.

The company expects GAAP earnings for the third quarter of fiscal year 2013 to be about $0.47 to $0.49 per share, including the transaction-related expenses.

The company said that its projected performance in the third quarter, which was somewhat affected by the government shutdown, marked a continuation of the positive trends it had seen at the end of the second quarter. Specifically, it projects total sales to be up in the mid single digits, comparable store sales to be roughly flat, and sales in the direct business to be up in the double digits.

"We believe we are realizing the benefits of the implementation of our new promotional marketing strategies, which we have been adjusting in recent quarters. These changes have positively impacted our marketing efficiency, which has improved again in the third quarter. Additionally, the non-promotional portion of our business continues to perform well, with ongoing increases in sales," said Neal Black, President and CEO of JoS. A. Bank.

Looking ahead, the company said it is highly focused on continuing to improve its sales trend. It feels confident that the strategies it has in place will enable it to show continued improvement and to further strengthen its brand and best position it for the future.

The company is scheduled to announce its third quarter financial results pre-market opening on December 5, 2013.