| Type | Public |
|---|---|
| Traded as | NASDAQ: JOSB |
| Industry | Clothier |
| Founded | Baltimore, Maryland, 1905 |
| Headquarters | Hampstead, Maryland |
| Number of locations | 520 (April 2011)[1] |
| Products | Men's Clothing |
| Revenue | $695.9 million (2009) |
| Employees | 4040 |
| Website | www.josbank.com |
Joseph A. Bank Clothiers, Inc., also known by the abbreviated name JoS. A. Bank Clothiers, is an American manufacturer-retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The company, established in 1905, now sells its products through over 500 stores in 42 states and the District of Columbia, as well as through a nationally distributed catalog and an e-commerce website.[2] The company has its headquarters in Hampstead, Carroll County, Maryland.[3][4]
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Charles Bank came to Baltimore, Maryland, from Lithuania in 1866 and opened a small tailor shop in the city. By the turn of the century, he had branched out into the manufacturing of pants and his grandson, Joseph A. Bank, joined his small company in 1898 as a cloth cutter. Joseph A. Bank was 11 years old when he started working for his grandfather. Over the next ten years, Joseph became a wholesale salesperson, traveling in the South to sell pants.
In 1905, Moses Hartz established a men’s clothing manufacturing company which was taken over by his widow Lena Hartz in 1921. Their daughter, Anna Hartz, was a traveling salesperson for the firm. Although they were rivals in business, Anna met and married Joseph Bank. In 1922, Joseph joined forces with his new mother-in-law and formed L. Hartz and Bank.[5] This new company manufactured and sold suits to retailers throughout the region.
Over the years, the company grew and prospered and in 1940, they purchased a building on Hopkins Place in Baltimore to house their offices, showroom, shipping area and cutting department. In 1945, Joseph Bank and his son, Howard, bought out the Hartz interest in the company and formed JoS. A. Bank and Co.[6]
Following World War II, there was a severe shortage of men's tailored clothing. A decision was made to specialize in that type of merchandise and to sell directly to the consumer, rather than through wholesale. As a result, a deal was struck with an existing retailer, Louie's, Inc., in Washington, D.C., to sell their clothing.
In 1954, Joseph Bank died and the overall operation of the company was assumed by his son, Howard.
By 1981, JoS. A. Bank had 11 retail stores and a consistently growing catalog business. That year, the company was purchased by the Quaker Oats Company and became part of their Specialty Retailing group along with Eyelab and Brookstone. That relationship proved mutually beneficial, and by 1985, there were 25 stores. In 1986, Quaker decided to concentrate its efforts on its core businesses and sold JoS. A. Bank, at which time, they once again became a privately-owned corporation held by private investors. In 1992, their expansion included the addition of a franchise concept. In the spring of 1994, JoS. A. Bank Clothiers became a publicly owned company, trading its stock through the NASDAQ stock exchange (JOSB).
In 1998, JoS. A. Bank Clothiers sold its manufacturing division and now out-sources its merchandise production. This has enabled the company to focus on its retail business. Much of the tailored clothing is “factory direct”.
JoS. A. Bank launched its Internet site in August 1998. JoS. A. Bank’s current President and CEO is Neal Black.
As of December 2010, they are operating 500 locations in 42 states and the District of Columbia.[7] Their Executive Management Team plans to continue the aggressive growth approach, and is projecting to have 600 stores open by 2012. Jos. A. Bank has been recognized in numerous articles by premier business news publications:
• Ranked #14 on Forbes’ Top 200 List; 5th Straight Year on the List[8]
• Business Week, "Hot Growth Companies" -(third consecutive year)-Ranked #52[9]
• Wall Street Journal: “Best Overall” Wrinkle Resistant Dress Shirt[10]
• Internet Retailer magazine's Top 25 Retail Web Sites for 2002[11]
Clothing retailer JoS. A. Bank Clothiers Inc. (JOSB 44.35, -0.39, -0.87%) fiscal-year net income rose to $58.4 million, or $3.17 a share, from $50.2 million, or $2.72 a share, at the same point a year ago. Analysts had been expecting earnings of $3.07 a share, according to data compiled by FactSet. Net sales increased to $695.9 million, from $604 million last year.[12]
JoS. A. Bank now looks to formal wear tuxedo rentals for the future growth of the company.[13] Throughout the course of 2009, company executives negotiated with Jim's Formalwear of Trenton, Illinois, one of the largest wholesale distributors of men's formalwear in the United States, to join the large network of nearly 6000 authorized Jim's Formalwear retailers throughout the country. Rollout of the new tuxedo rental line of business, designed to compete with MensWearhouse's rental business and provide a "first point of contact" with younger prospective customers whose style of dress is much more casual than previous generations, began in early 2010 with stores in Baltimore, Maryland, and Richmond, Virginia. The selection of tuxedos is drawn from, but more limited than, the catalog offered the rest of Jim's network of independent retailers.
JoS. A. Bank sponsors the Johns Hopkins Miracle Ties:
“Miracle Collection is a line of distinguished men’s neckwear that ties together pediatric research, patient care and fashion to raise funds for Hopkins Children’s. The young patients were asked to draw one of their favorite things. From crabs and giraffes to sailboats and Santa, this year’s collection offers something for everyone.”[14]