UPDATE: Jos. A. Bank Q2 Profit Falls 38%

Jos. A. Bank Clothiers

reported a 38% drop in its fiscal second-quarter profit. Jos. A. Bank's quarterly profit fell to $14.2 million, or $0.51 per share, from $23.2 million, or $0.83 per share, in the year-ago period. The retailer had earlier projected earnings of $0.49 to $0.53 per share. Its sales declined 11% to $232.5 million, while same-store sales fell 16%. Its gross margin rose to 59.1% from 58.7% Jos. A. Bank shares closed at $40.02 yesterday.