Joseph Banks Clothiers stock is dropping like a rock today after the company updated its earnings outlook Friday night. In a press release the company said,
We are
disappointed that we were not able to drive the sales gains we had expected.
The fourth quarter started out slowly, as the first two weeks of fiscal
November were negatively impacted by the aftermath of Hurricane Sandy, the
distractions created by the presidential election and the uncertainty of the
fiscal cliff. Going into the critical holiday selling season, starting on Black
Friday, we believed we had a strong marketing and promotional strategy for the
period. However, many of the promotional items and a large part of our holiday
assortment were items that sell best in cold weather and the weather was
unseasonably warm.
Given the company’s dismal business prospects, I would suggest employees in its PR Department look elsewhere for employment. The White House, with its current round of staff turnover, might be a good prospect particularly because the flacks would not have to change their list of excuses – not a bit.
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