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Fiscal Cliff (2013)

JoS. A. Bank announces earnings update

JoS. A. Bank Clothiers, headquartered in Hampstead, announced that net income for fiscal year 2012 is expected to be approximately 20 percent lower than net income for fiscal year 2011. Actual results will depend on, among other things, sales for the remainder of the year, expenses and normal year-end processing. Fiscal Year 2012 is a 53-week year which ended Feb. 2; and Fiscal Year 2011 was a 52-week year which ended Jan. 28, 2012. R. Neal Black, president and CEO reported that the total company sales for the year will be up, but not enough to offset higher marketing expenses and lower gross margin. The fourth quarter started out slowly, as the first two weeks of fiscal November were...