Shares Of Suit Seller Joseph A. Bank Tank After Weak First Quarter Sales

JOSB

Photo: Yahoo Finance

With below estimate sales results for 2011, Men’s apparel company JoS. A. Bank’s stock is now down over 8%.Closing yesterday at 54.48 and now sitting at 49.99, it looks as if JOSB has fallen off a cliff.

Thomson Reuters expected 2011 revenue of $988.7, but despite a 14% rise in sales they received just $979.9 million in revenue.

In addition to missing revenue estimates, JOSB’s CEO, Neal Black, explained that “the first quarter of 2012 has started out more slowly than we had planned.” The news of the missed estimates, although they did match their earnings per share estimates, combined with the CEO’s statements have led to the poor stock performance this morning.

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