Jos. A. Bank’s Comeback Fuels Huge Rally for Tailored Brands
- Earnings top estimates after suit retailer cuts costs
- The shares jump as much as 45 percent in wake of results
Jos. A. Bank, the suit retailer that saw sales plunge after abandoning its famous “buy-one-get-three-free” specials, is showing signs of a rebound far sooner than expected -- setting off a 45 percent rally for its parent company.
Same-store sales at the chain are expected to grow by a percentage in the mid- to high-single digits during the fourth quarter, according to parent Tailored Brands Inc., which also owns Men’s Wearhouse. A brighter outlook led the retailer to boost the low end of its annual earnings forecast.