Suit and tuxedo retailer Jos. A. Bank Clothiers Inc, the target of a takeover offer from bigger rival Men's Wearhouse Inc, reported a 2 percent rise in quarterly profit as new promotions boosted total sales. Total sales rose 6.3 percent to $247.5 million in the third quarter, while comparable-store sales fell 0.1 percent.Net income rose to $13.6 million, or 49 cents per share, in the three months ended Nov. 2, from $13.3 million, or 47 cents per share, a year earlier.Excluding items, the Hampstead, Maryland-based company earned 51 cents per share.Men's Wearhouse last month bid $1.5 billion for the company after Jos. A. Bank withdrew an offer to purchase Men's Wearhouse.
The Men?s Wearhouse, Inc. is a specialty retailer of men?s suits and a provider of tuxedo rental product in the United States and Canada. Shares of MW remained unchanged at $51.67. In the past year, the shares have traded as low as $27.42 and as high as $52.72. On average, 1519420 shares of MW exchange hands on a given day and today's volume is recorded at 0.
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