JoS. A. Bank Clothiers Reports First Quarter of Fiscal Year 2013 Results

JoS. A. Bank Clothiers Reports First Quarter of Fiscal Year 2013 Results

HAMPSTEAD, Md., June 5, 2013 (GLOBE NEWSWIRE) -- JoS. A. Bank Clothiers, Inc.
(Nasdaq:JOSB) announces that net income for the first quarter of fiscal year
2013 was $8.1 million as compared with net income of $14.8 million for the
first quarter of fiscal year 2012. Diluted earnings for the first quarter of
fiscal year 2013 were $0.29 per share as compared with diluted earnings of
$0.53 per share for the first quarter of fiscal year 2012. The Company
previously announced that earnings would be approximately $0.27 to $0.30 per
diluted share.

Total sales for the first quarter of fiscal year 2013 decreased 2.6% to $196.1
million from $201.4 million in the first quarter of fiscal year 2012.
Comparable store sales decreased 8.5% and Direct Marketing sales increased
12.6% in the first quarter of 2013 as compared with the first quarter of 2012.
Combined comparable store and Internet sales for the first quarter of fiscal
year 2013 decreased 6.4% when compared to the first quarter of fiscal year
2012.

The first quarter of fiscal year 2013 ended May 4, 2013; the first quarter of
fiscal year 2012 ended April 28, 2012.

Commenting on the results for the quarter, R. Neal Black, President and CEO of
JoS. A. Bank Clothiers, Inc. stated: "While we were able to control our
expenses and improve our advertising efficiency in the quarter, our sales
declined 2.6%, primarily in April. In addition, our gross profit margin was
down primarily due to higher inventory sourcing costs and lower average
selling prices due mostly to an increased percentage of sales of winter and
other clearance products. Like many other retailers, we were also affected by
the unseasonably cool weather which adversely impacted both our sales and
gross profit margin. On the positive side, our Direct Marketing business,
driven primarily by the Internet, continued to perform well, with double-digit
sales growth. The Company continues to maintain a strong balance sheet and,
despite the slow start to the new year, the first quarter of fiscal year 2013
was still profitable."

"The sales trend has continued into the second quarter of fiscal year 2013 as
sales are down for the fiscal month of May. For the remainder of 2013, we will
continue to focus on our goal of returning to previous levels of gross margin
rates and advertising productivity. As such, we will continue to test,
evaluate and refine our merchandising and advertising offerings to optimize
the appeal to our customers. Additionally, starting this spring, we have
introduced new and more focused casual assortments and additional slim-fit
suit inventories responding to customer demand," continued Mr. Black.

A conference call to discuss the first quarter of fiscal year 2013 earnings
will be held Thursday, June 6, 2013 at 11:00 a.m. Eastern Time (ET). To join
in the call please dial (USA) 800-230-1074 or (International) 612-234-9960 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 June 6, 2013 until June 13, 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 293220. 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 606 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 the economy, 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
and our Quarterly Report on Form 10-Q filed on the date hereof. 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.

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


JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
                                                           
                                      Three Months Ended
                                      April28, 2012        May4, 2013
                                                           
Net sales                              $201,354            $196,055
Cost of goods sold                     73,593                76,869
Gross profit                           127,761               119,186
Operating expenses:                                         
Sales and marketing, including         85,762                88,701
occupancy costs
General and administrative             17,591                17,532
Total operating expenses               103,353               106,233
Operating income                       24,408                12,953
Other income (expense):                                     
Interest income                        68                    171
Interest expense                       (12)                  (5)
Total other income (expense)           56                    166
Income before provision for income     24,464                13,119
taxes
Provision for income taxes             9,632                 5,031
Net income                             $14,832             $8,088
Per share information:                                      
Earnings per share:                                         
Basic                                  $0.53               $0.29
Diluted                                $0.53               $0.29
Weighted average shares outstanding:                        
Basic                                  27,831                27,965
Diluted                                27,995                28,047
                                                           
Note: The foregoing unaudited Consolidated Statements of Income are excerpts
from our unaudited Consolidated Financial Statements for the three months
ended April28, 2012 and May4, 2013 and do not include the Notes, which are
considered an integral part thereof. The foregoing unaudited financial
information should be read in conjunction with the Company's Quarterly Report
on Form 10-Q for the quarterly period ended May4, 2013, which was filed with
the Securities and Exchange Commission on June5, 2013.


JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
                                                          
                                   February2, 2013        May4, 2013
                                   (In thousands)
                                   (Audited)               (Unaudited)
ASSETS                                                     
CURRENT ASSETS:                                            
Cash and cash equivalents           $71,288               $30,878
Short-term investments              305,833                 289,852
Accounts receivable, net            10,644                  21,073
Inventories:                                               
Finished goods                      317,635                 348,570
Raw materials                       12,867                  11,796
Total inventories                   330,502                 360,366
Prepaid expenses and other current  23,922                  27,257
assets
Total current assets                742,189                 729,426
NONCURRENT ASSETS:                                         
Property, plant and equipment, net  152,360                 151,806
Other noncurrent assets             298                     215
Total assets                        $894,847              $881,447
LIABILITIES AND STOCKHOLDERS'                              
EQUITY
CURRENT LIABILITIES:                                       
Accounts payable                    $53,782               $41,333
Accrued expenses                    104,639                 97,528
Deferred tax liability — current    11,928                  11,916
Total current liabilities           170,349                 150,777
NONCURRENT LIABILITIES:                                    
Deferred rent                       45,531                  43,811
Deferred tax liability — noncurrent 9,791                   9,261
Other noncurrent liabilities        1,613                   1,650
Total liabilities                   227,284                 205,499
COMMITMENTS AND CONTINGENCIES                              
STOCKHOLDERS' EQUITY:                                      
Preferred Stock                     —                       —
Common stock                        279                     279
Additional paid-in capital          94,757                  95,054
Retained earnings                   572,718                 580,806
Accumulated other comprehensive     (191)                   (191)
income (loss)
Total stockholders' equity          667,563                 675,948
Total liabilities and stockholders' $894,847              $881,447
equity
                                                          
Note: The foregoing audited and unaudited Consolidated Balance Sheets are
excerpts from our Consolidated Financial Statements (as of February2, 2013
and as of May4, 2013) and do not include the Notes, which are an integral
part thereof.The foregoing financial information should be read in
conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly
period ended May4, 2013 and the Annual Report on Form 10-K for the fiscal
year ended February2, 2013, which were filed with the Securities and Exchange
Commission on June5, 2013 and April 3, 2013, respectively.


JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                                                           
                                       Three Months Ended
                                       April28, 2012       May4, 2013
                                       (In thousands)
Cash flows from operating activities:                       
Net income                              $14,832            $8,088
Adjustments to reconcile net income to
net cash (used in) operating                                
activities:
Depreciation and amortization           6,820                7,493
Loss on disposals of property, plant    42                   28
and equipment
Non-cash equity compensation            599                  510
Increase (decrease) in deferred taxes   (655)                (542)
Net (increase)in operating working     (78,890)             (65,860)
capital and other components
Net cash (used in) operating activities (57,252)             (50,283)
Cash flows from investing activities:                       
Capital expenditures                    (5,937)              (5,895)
Proceeds from maturities of short-term  118,958              140,915
investments
Payments to acquire short-term          (112,270)            (124,934)
investments
Net cash provided by investing          751                  10,086
activities
Cash flows from financing activities:                       
Income tax benefit from equity          14                   (40)
compensation plans
Net proceeds from issuance of common    —                    —
stock
Tax payments related to equity          (372)                (173)
compensation plans
Net cash (used in) financing activities (358)                (213)
Net (decrease) in cash and cash         (56,859)             (40,410)
equivalents
Cash and cash equivalents — beginning   87,230               71,288
of period
Cash and cash equivalents — end of      $30,371            $30,878
period
                                                           
Note: The foregoing unaudited Consolidated Statements of Cash Flows are
excerpts from our unaudited Consolidated Financial Statements for the three
months ended April28, 2012 and May4, 2013 and do not include the Notes,
which are considered an integral part thereof.The foregoing unaudited
financial information should be read in conjunction with the Company's
Quarterly Report on Form 10-Q for the quarterly period ended May4, 2013,
which was filed with the Securities and Exchange Commission on June5, 2013.
 
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