JoS. A. Bank Clothiers Reports Fiscal Year 2012 Results; Sales Up, Profits Still Good, But Not Up to Normal Levels

JoS. A. Bank Clothiers Reports Fiscal Year 2012 Results; Sales Up, Profits
Still Good, But Not Up to Normal Levels

HAMPSTEAD, Md., April 3, 2013 (GLOBE NEWSWIRE) -- JoS. A. Bank Clothiers, Inc.
(Nasdaq:JOSB) announces today the results for its fiscal year ended February
2, 2013 ("fiscal year 2012").

Net sales reached a record of $1,049.3 million in fiscal year 2012,
representing a 7.1% gain as compared with net sales of $979.9 million in
fiscal year 2011. Comparable store sales decreased 0.5% during fiscal year
2012, while Direct Marketing sales increased 22.7%. Combined comparable store
and Internet sales in fiscal year 2012 increased 2.0% when compared to fiscal
year 2011.

Net income for fiscal year 2012 was $79.7 million, as compared with net income
of $97.5 million for the fiscal year ended January28, 2012 ("fiscal year
2011"), a decrease of 18.3%. The Company previously announced that net income
for fiscal year 2012 was expected to be approximately 20% lower than net
income for fiscal year 2011. Earnings per share for fiscal year 2012 were
$2.84 as compared with earnings per share of $3.49 for fiscal year 2011.

Commenting on the Company's results, R. Neal Black, President and CEO of JoS.
A. Bank Clothiers, Inc. stated: "Although we did not achieve an increase over
the record earnings of fiscal year 2011, we were still very profitable with
net income of 7.6% of net sales in fiscal year 2012.For the first time in our
history, we exceeded the $1 billion sales milestone in fiscal year 2012 and
our Direct Marketing business continued to perform well, with double-digit
sales growth.The Company continues to maintain very solid cash flows and a
strong balance sheet. Additionally, we opened a total of 46 new stores in
fiscal year 2012, including our 600th store."

"Total company sales for the year were up 7.1%," continued Mr. Black, "but not
enough to offset higher marketing expenses and lower gross margin.We are
disappointed that we were not able to drive the sales gains we expected in our
comparable stores.For the most recent fourth quarter, sales started out
slowly in November, partly due to Hurricane Sandy and the distractions of the
national election.Going into the critical holiday selling season, 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 in cold weather and the weather was unseasonably warm.During
this period, our customers responded well to our suit promotions, but our
promotions on other products such as sweaters, outerwear, hats, gloves,
scarves and jackets were not successful."

"In 2013, once the cold weather clearance period is complete, one of our goals
will be to return to previous levels of gross margin rates and advertising
productivity. New and more focused casual assortments and additional slim-fit
suit inventories are arriving this spring.During the first eight weeks of
fiscal 2013, sales were up as compared to last year.However, we remain
cautious about the first quarter of 2013, especially since we have not fully
annualized the calendar shift for Easter and the larger volume sales periods
are still ahead of us," stated Mr. Black.

A conference call to discuss the fiscal year 2012 earnings will be held
Thursday, April 4, 2013 at 11:00 a.m. Eastern Time (ET). To join the call
please dial (USA) 877-209-9922 or (International) 612-332-0932 at least five
minutes before 11:00 a.m. ET. A replay of the conference call will be
available after 1:00 p.m. ET on April 4, 2013 until April 11, 2013 at 11:59
p.m. ET by dialing (USA) 800-475-6701 or (International) 320-365-3844. The
access code for the replay will be 286177.In addition, a webcast replay of
the conference call will be posted on the investor relations section of our
website: www.josbank.com.

JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's
leading designers, manufacturers and retailers of men's classically-styled
tailored and casual clothing, sportswear, footwear and accessories. The
Company sells its full product line through 603 stores in 44 states and the
District of Columbia, a nationwide catalog and an e-commerce website that can
be accessed at www.josbank.com. The Company is headquartered in Hampstead,
Md., and its common stock is listed on the NASDAQ Global Select Market under
the symbol "JOSB."

Our statements concerning future operations contained herein are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from those
forecasted due to a variety of factors outside of our control that can affect
our operating results, liquidity, and financial condition. Such factors
include risks associated with economic, weather, public health and other
factors affecting consumer spending, (including negative changes to consumer
confidence and other recessionary pressures), higher energy and security
costs, the successful implementation of our growth strategy, (including our
ability to finance our expansion plans), the mix and pricing of goods sold,
the effectiveness and profitability of new concepts, the market price of key
raw materials (such as wool and cotton), seasonality, merchandise trends and
changing consumer preferences, the effectiveness of our marketing programs,
(including compliance with relevant legal requirements), the availability of
suitable lease sites for new stores, doing business on an international basis,
the ability to source product from our global supplier base, legal and
regulatory matters and other competitive factors. The identified risk factors
and other factors and risks that may affect our business or future financial
results are detailed in our filings with the Securities and Exchange
Commission, including, but not limited to, those described under "Risk
Factors" in our Annual Report on Form 10-K for the year ended February 2,
2013. These cautionary statements qualify all of the forward-looking
statements we make herein. We cannot assure you that the results or
developments anticipated by us will be realized or, even if substantially
realized, that those results or developments will result in the expected
consequences for us or affect us, our business or our operations in the way we
expect. We caution you not to place undue reliance on these forward-looking
statements, which speak only as of their respective dates. Interim period
sales are not necessarily indicative of sales expected for the full quarter.
Furthermore, sales are just one component of earnings and no projection of
earnings should be inferred from any discussion of interim period sales or
other information in this release. We do not undertake an obligation to update
or revise any forward-looking statements to reflect actual results or changes
in our assumptions, estimates or projections. These risks should be carefully
reviewed before making any investment decision.

JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED BALANCE SHEETS
AS OF JANUARY28, 2012 AND FEBRUARY2, 2013
                                                        
                                  January28, 2012       February2, 2013
                                  (In thousands, except share information)
ASSETS                                                   
CURRENT ASSETS:                                          
Cash and cash equivalents         $87,230              $71,288
Short-term investments            240,252                305,833
Accounts receivable, net          15,906                 10,644
Inventories                       304,655                330,502
Prepaid expenses and other current 20,886                 23,922
assets
Total current assets              668,929                742,189
NONCURRENT ASSETS:                                       
Property, plant and equipment,     144,392                152,360
net
Other noncurrent assets           291                    298
Total assets                      $813,612             $894,847
LIABILITIES AND STOCKHOLDERS'                            
EQUITY
CURRENT LIABILITIES:                                     
Accounts payable                  $66,664              $53,782
Accrued expenses                  92,937                 104,639
Deferred tax liability — current  8,479                  11,928
Total current liabilities         168,080                170,349
NONCURRENT LIABILITIES:                                  
Deferred rent                     47,600                 45,531
Deferred tax liability —           11,973                 9,791
noncurrent
Other noncurrent liabilities      1,025                  1,613
Total liabilities                 228,678                227,284
COMMITMENTS AND CONTINGENCIES                            
STOCKHOLDERS' EQUITY:                                    
Preferred stock, $1.00 par,
500,000 shares authorized, none    —                      —
issued or outstanding
Common stock, $0.01 par,
45,000,000 shares authorized,
27,622,054 issued and outstanding  277                    279
at January 28, 2012 and 27,827,837
issued and outstanding at February
2, 2013
Additional paid-in capital        91,766                 94,757
Retained earnings                 493,022                572,718
Accumulated other comprehensive    (131)                  (191)
income (loss)
Total stockholders' equity        584,934                667,563
Total liabilities and              $813,612             $894,847
stockholders' equity
                                                        
Note: The foregoing audited Consolidated Balance Sheets are excerpts from our
Consolidated Financial Statements (as of January 28, 2012 and as of February
2, 2013) and do not include the Notes, which are an integral part thereof.The
foregoing audited financial information should be read in conjunction with the
Company's Annual Report on Form 10-K for the fiscal year ended February 2,
2013 which was filed with the Securities and Exchange Commission on April 3,
2013.


JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED JANUARY29, 2011, JANUARY28, 2012 AND FEBRUARY2, 2013
                                                           
                           Fiscal Year
                           2010             2011             2012
                           (In thousands, except per share information)
NET SALES                   $858,128       $979,852       $1,049,313
Cost of goods sold         320,585          371,577          437,551
GROSS PROFIT                537,543          608,275          611,762
OPERATING EXPENSES:                                         
Sales and marketing,        326,464          372,268          409,150
including occupancy costs
General and administrative 69,472           76,600           74,172
Total operating expenses   395,936          448,868          483,322
OPERATING INCOME            141,607          159,407          128,440
OTHER INCOME (EXPENSE):                                     
Interest income            589              347              429
Interest expense           (136)            (312)            (26)
Total other income          453              35               403
(expense)
Income before provision for 142,060          159,442          128,843
income taxes
Provision for income taxes 56,261           61,951           49,147
NET INCOME                  $85,799        $97,491        $79,696
PER SHARE INFORMATION                                       
Earnings per share:                                         
Basic                       $3.11          $3.51          $2.86
Diluted                     $3.08          $3.49          $2.84
Weighted average shares                                     
outstanding:
Basic                      27,553           27,757           27,901
Diluted                    27,851           27,961           28,013
                                                           
Note: The foregoing audited Consolidated Statements of Income are excerpts
from our Consolidated Financial Statements for each of the three years ended
February 2, 2013 and do not include the Notes, which are considered an
integral part thereof. The foregoing audited financial information should be
read in conjunction with the Company's Annual Report on Form 10-K for the
fiscal year ended February 2, 2013 which was filed with the Securities and
Exchange Commission on April 3, 2013.


JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JANUARY29, 2011, JANUARY28, 2012 AND FEBRUARY2, 2013
                                                             
                                Fiscal Year
                                2010            2011           2012
                                (In thousands)
CASH FLOWS FROM OPERATING                                     
ACTIVITIES:
Net income                      $85,799       $97,491      $79,696
Adjustments to reconcile net
income to net cash provided by                                
operating activities:
Depreciation and amortization   24,479          26,101         28,521
Loss on disposals of property,   357             311            269
plant and equipment
Asset impairment charges        1,215           294            805
Non-cash equity compensation    1,252           2,547          2,236
Increase in deferred taxes      2,751           11,029         1,267
Changes in assets and                                         
liabilities:
(Increase) decrease in accounts  (3,665)         (6,381)        5,262
receivable
(Increase) in inventories       (14,989)        (71,345)       (25,847)
(Increase) in prepaids and other (3,459)         (1,392)        (3,004)
current assets
(Increase) decrease in           83              46             (7)
non-current assets
Increase (decrease) in accounts  13,280          35,159         (12,882)
payable
Increase (decrease) in accrued   1,738           (77)           9,782
expenses
(Decrease) in deferred rent     (2,574)         (1,679)        (2,069)
Increase (decrease) in other     (28)            (288)          496
noncurrent liabilities
Net cash provided by operating   106,239         91,816         84,525
activities
CASH FLOWS USED IN INVESTING                                  
ACTIVITIES:
Payments for capital             (29,352)        (37,531)       (35,643)
expenditures
Proceeds from maturities of      169,736         393,424        480,089
short-term investments
Payments to acquire short-term   (189,789)       (443,887)      (545,670)
investments
Net cash (used in) investing     (49,405)        (87,994)       (101,224)
activities
CASH FLOWS FROM FINANCING                                     
ACTIVITIES:
Income tax benefit from stock    1,300           1,883          607
compensation plans
Net proceeds from issuance of    1,013           546            784
common stock
Fractional share payments       (21)            —              —
Tax payments related to equity  —               —              (634)
compensation plans
Net cash provided by financing   2,292           2,429          757
activities
Net increase (decrease) in cash  59,126          6,251          (15,942)
and cash equivalents
CASH AND CASH EQUIVALENTS,       21,853          80,979         87,230
beginning of year
CASH AND CASH EQUIVALENTS, end   $80,979       $87,230      $71,288
of year
                                                             
Note: The foregoing audited Consolidated Statements of Cash Flows are excerpts
from our Consolidated Financial Statements for each of the three years ended
February 2, 2013 and do not include the Notes, which are considered an
integral part thereof.The foregoing audited financial information should be
read in conjunction with the Company's Annual Report on Form 10-K for the
fiscal year ended February 2, 2013 which was filed with the Securities and
Exchange Commission on April 3, 2013.

CONTACT:
JoS. A. Bank Clothiers, Inc., Hampstead, Md.
David E. Ullman
EVP/CFO
410-239-5715
or Investor Relations Information Request Website
(http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-inforeq),
or Investor Relations Voicemail, 410-239-5900
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com
 
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