Nasdaq Chumps

Jos. A Bank Clothiers Inc. (JOSB)

Last Trade: 24.24
Trade Time: 12:40PM ET

Change: Down 4.25 (14.92%)

Joseph a Bank Shares Fall on Aug. Sales

Joseph A Bank Clothiers Inc. shares slid 14 percent on Thursday, after the upscale men's clothing chain surprised Wall Street by reporting a substantial decline in August same-store sales.

The stock dropped $3.99, or 14 percent, to $24.50 on the Nasdaq, where it was the biggest percentage loser in morning trading.

The retailer reported sales in stores open at least a year fell 6.1 percent last month, missing Wall Street's expected 4 percent increase. The sales miss prompted brokerage Ryan Beck & Co. to cut its opinion on the stock to "Market Perform" from "Outperform."

"While we expect that there could be some upside to the second quarter, we are concerned with the disappointing August same-store sales and the difficult comparisons in the months ahead," analyst Margaret Whitfield wrote in a client note.

The brokerage also lowered its estimates for the third and fourth quarters and fiscal years 2006 and 2007. In addition, Whitfield cut her price target to $31 from $35.

The retailer's stock hit a 52-week low of $22.14 on June 20, and is down about 29 percent so far this year, adjusted for a stock split that occurred in February.