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



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

       Q3 Adjusted EPS Increases 9%, at Top End of Pre-Announced Range

                   November Sales Increased in All Channels

HAMPSTEAD, Md., Dec. 5, 2013 (GLOBE NEWSWIRE) -- JoS. A. Bank Clothiers, Inc.
(Nasdaq:JOSB) announces that adjusted earnings per diluted share were $0.51
for the third quarter of fiscal 2013, excluding approximately $1.2 million of
legal and professional expenses incurred in connection with the Company's
acquisition proposal for The Men's Wearhouse, Inc. The third quarter results
represent a 9% increase compared to diluted earnings of $0.47 per share for
the third quarter of fiscal year 2012 and are at the top end of the projected
EPS range previously announced by the Company. GAAP earnings for the third
quarter of fiscal year 2013 were $0.49 per diluted share (including the $1.2
million of legal and professional expenses), also at the top end of the
previously announced range. GAAP net income for the third quarter of fiscal
year 2013 was $13.6 million as compared to net income of $13.3 million for the
third quarter of fiscal year 2012.

Total sales for the third quarter of fiscal year 2013 increased 6.3% to $247.5
million from $232.9 million in the third quarter of fiscal year 2012.
Comparable store sales decreased 0.1% and Direct Marketing sales increased
23.5% in the third quarter of 2013 as compared to the third quarter of 2012.
Combined comparable store and Internet sales for the third quarter of fiscal
year 2013 increased 2.4% when compared to the third quarter of fiscal year
2012.

R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. stated: "Our
performance in the third quarter is a strong indication that we are taking the
right actions to improve both our top and bottom lines. In particular, the
customer is responding well to the changes we are making in the promotional
side of our business and our non-promotional business continues to grow
strongly. This was evident in our improving sales trend, both in stores and
online, as well as in our marketing efficiency and the 40 basis point increase
in our gross profit margin rate in the third quarter, which represents our
second consecutive quarterly increase."

Mr. Black continued, "For the start of the fourth quarter our total sales,
comparable store sales and Direct sales all increased during the fiscal month
of November 2013 as compared to the same period of 2012. That said, we
recognize that the pivotal month of December is still ahead of us and, across
our organization, we are highly focused on continuing to improve our sales
trend. Taken together, we are pleased that our strategies are resonating with
our customers and we look forward to taking advantage of the opportunities to
grow both our stores and online businesses and delivering improved results in
the future."

Comparing the first nine months of fiscal year 2013 to the first nine months
of fiscal year 2012, GAAP diluted earnings were $1.28 per share as compared to
$1.83 per share and net income was $36.0 million as compared to $51.3 million.
Total sales for the first nine months of fiscal year 2013 decreased 2.7% to
$676.1 million from $694.5 million for the first nine months of fiscal year
2012, while comparable store sales decreased 8.5% and Direct Marketing sales
increased 10.5%. Combined comparable store and Internet sales for the first
nine months of fiscal year 2013 decreased 6.4% when compared to the first nine
months of fiscal year 2012.

The third quarter of fiscal year 2013 ended November 2, 2013; the third
quarter of fiscal year 2012 ended October 27, 2012.

This press release includes a non-GAAP measure of diluted earnings per share
because we believe that presentation of adjusted earnings per diluted share
provides useful information to investors as it is more indicative of the
Company's operations.

A conference call to discuss third quarter results (including a live question
and answer session) will be held Thursday, December 5, 2013, at 11:00 a.m.
Eastern Time (ET). To join in the call, please dial (USA) 800-230-1059 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 December
5, 2013, until December 12, 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 308076. 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 629 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 domestic and international economic activity and
inflation, 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) and other production inputs (such as labor costs),
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" and/or "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our Annual
Report on Form 10-K for the year ended February 2, 2013 and our Quarterly
Reports on Form 10-Q filed through 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.

JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
                                                                  
                     Three Months Ended            Nine Months Ended
                     October 27,    November 2,    October 27,   November 2,
                     2012           2013           2012          2013
                     (In thousands, except per     (In thousands, except per
                     share                         share
                     information)                  information)
Net sales             $ 232,851      $ 247,468      $ 694,548     $ 676,052
Cost of goods sold   100,205        105,360        281,255       277,394
Gross profit         132,646        142,108        413,293       398,658
Operating expenses:                                               
Sales and marketing,
including occupancy  94,354         101,273        276,306       286,599
costs
General and          17,124         19,277         54,295        54,420
administrative
Total operating      111,478        120,550        330,601       341,019
expenses
Operating income     21,168         21,558         82,692        57,639
Other income                                                      
(expense):
Interest income      117            69             286           335
Interest expense     (4)            (5)            (21)          (14)
Total other income   113            64             265           321
(expense)
Income before
provision for income 21,281         21,622         82,957        57,960
taxes
Provision for income 7,976          8,006          31,662        22,007
taxes
Net income            $ 13,305       $ 13,616       $ 51,295      $ 35,953
Per share                                                         
information:
Earnings per share:                                               
Basic                 $ 0.48         $ 0.49         $ 1.84        $ 1.29
Diluted               $ 0.47         $ 0.49         $ 1.83        $ 1.28
Weighted average                                                  
shares outstanding:
Basic                27,933         27,988         27,883        27,978
Diluted              28,017         28,054         28,005        28,050
                                                                  
Note: The foregoing unaudited Consolidated Statements of Income are excerpts
from our unaudited Consolidated Financial Statements for the three and nine
months ended October 27, 2012 and November 2, 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 November 2, 2013,
which was filed with the Securities and Exchange Commission on December 5,
2013.

 
 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
                                                          
                                   February 2, 2013      November 2, 2013
                                   (In thousands)
ASSETS                                                    
CURRENT ASSETS:                                           
Cash and cash equivalents           $ 71,288              $ 85,023
Short-term investments             305,833               254,922
Accounts receivable, net           10,644                17,238
Inventories:                                              
Finished goods                     317,635               358,569
Raw materials                      12,867                10,056
Total inventories                  330,502               368,625
Prepaid expenses and other current 23,922                26,069
assets
Total current assets               742,189               751,877
NONCURRENT ASSETS:                                        
Property, plant and equipment, net 152,360               155,403
Other noncurrent assets            298                   301
Total assets                        $ 894,847             $ 907,581
LIABILITIES AND STOCKHOLDERS'                             
EQUITY
CURRENT LIABILITIES:                                      
Accounts payable                    $ 53,782              $ 40,572
Accrued expenses                   104,639               97,035
Deferred tax liability — current   11,928                11,848
Total current liabilities          170,349               149,455
NONCURRENT LIABILITIES:                                   
Deferred rent                      45,531                43,178
Deferred tax liability —           9,791                 9,189
noncurrent
Other noncurrent liabilities       1,613                 1,514
Total liabilities                  227,284               203,336
COMMITMENTS AND CONTINGENCIES                             
STOCKHOLDERS' EQUITY:                                     
Preferred Stock                    —                     —
Common stock                       279                   279
Additional paid-in capital         94,757                95,487
Retained earnings                  572,718               608,670
Accumulated other comprehensive    (191)                 (191)
income (loss)
Total stockholders' equity         667,563               704,245
Total liabilities and               $ 894,847             $ 907,581
stockholders' equity
                                                          
Note: The foregoing unaudited Consolidated Balance Sheets are excerpts from
our Consolidated Financial Statements (as of February 2, 2013 and as of
November 2, 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 November 2, 2013 and the Annual Report on Form 10-K for the fiscal year
ended February 2, 2013, which were filed with the Securities and Exchange
Commission on December 5, 2013 and April 3, 2013, respectively.

 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                                                          
                                   Nine Months Ended
                                   October 27, 2012      November 2, 2013
                                   (In thousands)
Cash flows from operating                                 
activities:
Net income                          $ 51,295              $ 35,953
Adjustments to reconcile net
income to net cash (used in)                              
operating activities:
Depreciation and amortization      20,910                22,132
Loss on disposals of property,     207                   201
plant and equipment
Non-cash equity compensation       1,688                 1,260
Increase (decrease) in deferred    (915)                 (682)
taxes
Net (increase) in operating
working capital and other          (102,821)             (73,391)
components
Net cash (used in) operating       (29,636)              (14,527)
activities
Cash flows from investing                                 
activities:
Capital expenditures               (22,423)              (22,118)
Proceeds from maturities of        352,522               430,767
short-term investments
Payments to acquire short-term     (358,755)             (379,856)
investments
Net cash provided by investing     (28,656)              28,793
activities
Cash flows from financing                                 
activities:
Income tax benefit (detriment)     72                    (40)
from equity compensation plans
Net proceeds from issuance of      556                   —
common stock
Tax payments related to equity     (634)                 (491)
compensation plans
Net cash (used in) financing       (6)                   (531)
activities
Net (decrease) in cash and cash    (58,298)              13,735
equivalents
Cash and cash equivalents —        87,230                71,288
beginning of period
Cash and cash equivalents — end of  $ 28,932              $ 85,023
period
                                                          
Note: The foregoing unaudited Consolidated Statements of Cash Flows are
excerpts from our unaudited Consolidated Financial Statements for the nine
months ended October 27, 2012 and November 2, 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 November 2, 2013,
which was filed with the Securities and Exchange Commission on December 5,
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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