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Some people (mainly ZZ Top and corporate bigwigs) will tell you dressing well is key. Let's add JoS. A. Bank Clothiers (JOSB) to that list, as the men's fine clothing provider announced that its third-quarter profit increased by 26%.
The company raked in 63 cents per share compared to 50 cents per share a year ago. Moreover, these results handily topped the consensus estimate for 55 cents per share. Sales increased to $161.3 million from $149.3 million a year ago, besting the consensus estimate for $160.2 million.
In early trading, JOSB is more than 3% higher. Technically, shares of JOSB are challenging long-term resistance at the $46 level. Four times during the past four years, the stock has ascended to challenge this level, and four times it has retreated. Why will this time be different? Theoretically, I am not sure that it will be different, but a solid holiday shopping season could lead to momentum, which could certainly help JOSB puncture the overhead resistance. The stock has pulled back to support from its 10-week and 20-week moving averages, which often is a precursor to a run higher for the titan of tailoring.
Let's see if this earnings news is enough to push the stock higher. If the stock can break through $46, watch for it to struggle with $48 a bit (as it did earlier this year). I'm thinking that $48 is going to be the next major hurdle to a continued run higher (of course, as I say this the stock is struggling with $44 and may not sniff $46).
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