Shares of men's suit maker JoS A. Bank Clothiers, Inc. (NASDAQ: JOSB) rose Tuesday after the firm reported a stronger than expected annual profit.
The firm said today that its net income for fiscal 2006 increased to $43.2 million, as compared with net income of $35.3 million the same time last year. Earnings per share for fiscal 2006 increased 21 percent to $2.36 as compared with earnings per share of $1.95 for fiscal 2005.
Analysts had been expecting the company to post earnings of $1.25 a share, according to data complied by Thomson Financial.
Net sales reached $546.4 million for the year, representing a 17.6 percent gain over the previous year, the company added. Inventory also growth also slowed to 3.9 percent .
Shares of Jos A. Bank Clothiers rose $4.67, or 13.89 percent, to $38.30 in afternoon trading on the Nasdaq Stock Market.