JoS. A. Bank on track to open 30 to 40 new stores

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Hampstead, Md. JoS. A. Bank Clothiers said Thursday it’s on track to open 30 to 40 new stores in fiscal 2010.

The company said that it will have opened its twelfth store this year by Sunday.

"After the slow-down in new store openings in fiscal year 2009, we are very pleased to return to our more accelerated store opening pace in fiscal year 2010," said president and CEO R. Neal Black.

The company opened about 13 net new stores in 2009 as the company sought to lower costs to offset slower sales due to the economic downturn.

During the first quarter, the company's net income rose 38% as customers who had held off on buying clothes started to restock their closets.

JoS. A. Bank last month also said it's also getting into the tuxedo business.

The company started renting tuxedos at 32 stores in January and, based on robust business, said last month it would roll that service out to all of its locations this year.