Jos. A. Bank Reports Results for Fourth Quarter of Fiscal Year 2013

Jos. A. Bank Reports Results for Fourth Quarter of Fiscal Year 2013

           Adjusted Earnings Per Share Increased 9% for the Quarter

    Sales Trends, Which Were Positive in Q4, Also Up in February and March

HAMPSTEAD, Md., April 2, 2014 (GLOBE NEWSWIRE) -- Jos. A. Bank Clothiers, Inc.
(Nasdaq:JOSB) (the "Company") today announced that adjusted earnings per
diluted share were $1.07 for the fourth quarter of fiscal 2013, representing a
9% increase compared to adjusted earnings per diluted share of $.98 in the
fourth quarter of fiscal 2012, and at the midpoint of the projected EPS range
previously announced by the Company. R. Neal Black, President and CEO, said,
"The initiatives we have undertaken to improve both our top and bottom line
performance are delivering results. As we previously reported, our sales
through the holidays were robust, with comparable brand sales up 9.1% between
November 3^rd and December 24^th. While this was offset by the impact of the
snow storms and nationwide deep freeze in the post-holiday period, the
combination of our improved marketing efficiency through our new promotional
strategies and strict financial discipline allowed us to deliver the 9% gain
in adjusted earnings per share."

He added, "We have generated double-digit total sales gains in fiscal February
and the first four weeks of fiscal March of 2014, reflecting positive consumer
response to our promotions as well as ongoing strength in the non-promotional
portion of our business. We are focused on maintaining this sales momentum
while improving our profitability."

The adjusted earnings for the fourth quarter of fiscal year 2013 exclude
expenses of approximately $.07 per diluted share for legal and other
professional services related to the Company's announced acquisition by The
Men's Wearhouse, Inc. and other strategic activity, and $.02 per diluted share
for estimated non-cash asset impairment charges. Including these amounts, GAAP
earnings for the fourth quarter of fiscal year 2013 were $0.98 per diluted
share.

The Company's fourth quarter 2012 adjusted earnings of $.98 per diluted share
exclude approximately $.02 per diluted share for non-cash asset impairment
charges and approximately $.05 per diluted share for the estimated positive
impact of the 14th week in 2012. Including these amounts, GAAP earnings for
the fourth quarter of fiscal 2012 were $1.01 per diluted share. The 13-week
fourth quarter of fiscal year 2013 ended February 1, 2014; the 14-week quarter
of fiscal year 2012 ended February 2, 2013.

Fiscal February 2014 ended on March 1, 2014 and fiscal March 2014 will end on
April 5, 2014.

Consistent with previously announced expectations, total comparable brand
sales for the 13 week fourth quarter of fiscal year 2013 increased 1.8% when
compared to the same comparable period of fiscal year 2012 and Direct sales
increased 10.6%. Total sales for the fourth quarter of fiscal year 2013
increased 4.7% during the same period. Total sales for the 13 weeks of the
2013 fourth quarter versus the 14 weeks of the 2012 fourth quarter were up
.4%, reaching $356 million compared to $355 million in the prior year period.

As announced on March 11, 2014, Jos. A. Bank and Men's Wearhouse entered into
a definitive agreement under which Men's Wearhouse will purchase all
outstanding shares of Jos. A. Bank for $65.00 per share in cash. The
transaction is expected to close by the third quarter of 2014, subject to
satisfaction of customary closing conditions.

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 633 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."

Non-GAAP Measurements

This press release includes a non-GAAP financial measure. Jos. A. Bank is
presenting adjusted earnings per diluted share, which is a non-GAAP financial
measure. Jos. A. Bank believes presentation of this non-GAAP financial measure
is useful to investors in connection with their financial analysis. Non-GAAP
financial measures should be viewed in addition to, and not as an alternative
for, Jos. A. Bank's results prepared in accordance with GAAP. For a
description of how Jos. A. Bank reconciles these non-GAAP financial measures
to GAAP earnings, please see the third and fourth paragraphs of this press
release.

FORWARD-LOOKING STATEMENTS

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 1, 2014. 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.

ADDITIONAL INFORMATION

This press release does not constitute an offer to buy or solicitation of an
offer to sell any securities. In response to the tender offer for the shares
of Jos. A. Bank commenced by The Men's Wearhouse, Inc. and Java Corp., Jos. A.
Bank has filed a solicitation/recommendation statement on Schedule 14D-9 with
the U.S. Securities and Exchange Commission ("SEC"). Any
solicitation/recommendation statement filed by Jos. A. Bank that is required
to be mailed to stockholders will be mailed to stockholders of Jos. A. Bank.
INVESTORS AND STOCKHOLDERS OF JOS. A. BANK ARE URGED TO READ THE SOLICITATION
/ RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN
THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
stockholders may obtain free copies of the solicitation/recommendation
statement and other documents (when available) filed with the SEC by Jos. A.
Bank free of charge through the website maintained by the SEC at www.sec.gov.
In addition, the solicitation/recommendation statement and other materials
related to Men's Wearhouse's unsolicited proposal may be obtained from Jos. A.
Bank free of charge by directing a request to Jos. A. Bank's Investor
Relations Department, Jos. A. Bank Clothiers, Inc., 500 Hanover Pike,
Hampstead, MD 21074, 410-239-5900.

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

MEDIA CONTACT:
Thomas Davies/Molly Morse
Kekst and Company
212-521-4873/212-521-4826
thomas-davies@kekst.com
molly-morse@kekst.com

E-commerce Address for Jos. A. Bank Clothiers, Inc.:
www.josbank.com

                                      



JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED BALANCE SHEETS
AS OFFEBRUARY 2, 2013 AND FEBRUARY 1, 2014


                                 February2, 2013       February1, 2014
                                 (In thousands, except share information)
ASSETS                                                  
CURRENT ASSETS:                                         
Cash and cash equivalents        $ 71,288               $ 305,531
Short-term investments           305,833                139,969
Accounts receivable, net         10,644                 13,592
Inventories                      330,502                304,322
Prepaid expenses and other        23,922                 23,060
current assets
Total current assets             742,189                786,474
NONCURRENT ASSETS:                                      
Property, plant and equipment,    152,360                148,966
net
Other noncurrent assets          298                    298
Total assets                     $ 894,847              $ 935,738
LIABILITIES AND STOCKHOLDERS'                           
EQUITY
CURRENT LIABILITIES:                                    
Accounts payable                 $ 53,782               $ 32,946
Accrued expenses                 104,639                115,023
Deferred tax liability — current 11,928                 1,819
Total current liabilities        170,349                149,788
NONCURRENT LIABILITIES:                                 
Deferred rent                    45,531                 41,296
Deferred tax liability —          9,791                  11,158
noncurrent
Other noncurrent liabilities     1,613                  1,412
Total liabilities                227,284                203,654
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 279                    279
at January 28, 2012 and
27,827,837 issued and outstanding
at February 2, 2013
Additional paid-in capital       94,757                 95,825
Retained earnings                572,718                636,044
Accumulated other comprehensive   (191)                  (64)
income (loss)
Total stockholders' equity       667,563                732,084
Total liabilities and             $ 894,847              $ 935,738
stockholders' equity

Note: The foregoing audited Consolidated Balance Sheets are excerpts from our
Consolidated Financial Statements (as of February 2, 2013 and as of February
1, 2014) 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 1,
2014 which was filed with the Securities and Exchange Commission on April 2,
2014.



JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED JANUARY 28, 2012,FEBRUARY 2, 2013 AND FEBRUARY 1, 2014


                              Fiscal Year
                              2011           2012             2013
                              (In thousands, except per share information)
NET SALES                      $ 979,852      $ 1,049,313      $ 1,032,166
Cost of goods sold            371,577        437,551          435,578
GROSS PROFIT                   608,275        611,762          596,588
OPERATING EXPENSES:                                          
Sales and marketing, including 372,268        409,150          416,469
occupancy costs
General and administrative    76,600         74,172           78,093
Total operating expenses      448,868        483,322          494,562
OPERATING INCOME               159,407        128,440          102,026
OTHER INCOME (EXPENSE):                                      
Interest income               347            429              393
Interest expense              (312)          (26)             (44)
Total other income (expense)  35             403              349
Income before provision for    159,442        128,843          102,375
income taxes
Provision for income taxes    61,951         49,147           39,049
NET INCOME                     $ 97,491       $ 79,696         $ 63,326
PER SHARE INFORMATION                                        
Earnings per share:                                          
Basic                          $ 3.51         $ 2.86           $ 2.26
Diluted                        $ 3.49         $ 2.84           $ 2.26
Weighted average shares                                      
outstanding:
Basic                         27,757         27,901           27,981
Diluted                       27,961         28,013           28,053

Note: The foregoing audited Consolidated Statements of Income are excerpts
from our Consolidated Financial Statements for each of the three years ended
February 1, 2014 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 1, 2014 which was filed with the Securities and
Exchange Commission on April 2, 2014.




JOS. A. BANK CLOTHIERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JANUARY 28, 2012, FEBRUARY 2, 2013 AND FEBRUARY 1, 2014

                               Fiscal Year
                               2011            2012            2013
                               (In thousands)
CASH FLOWS FROM OPERATING                                     
ACTIVITIES:
Net income                     $ 97,491        $ 79,696        $ 63,326
Adjustments to reconcile net
income to net cash provided by                                
operating activities:
Depreciation and amortization  26,101          28,521          29,573
Loss on disposals of property,  311             269             396
plant and equipment
Asset impairment charges       294             805             1,041
Non-cash equity compensation   2,547           2,236           1,599
Increase in deferred taxes     11,029          1,267           (8,742)
Changes in assets and                                         
liabilities:
(Increase) decrease in accounts (6,381)         5,262           (2,948)
receivable
(Increase) in inventories      (71,345)        (25,847)        26,180
(Increase) in prepaids and      (1,392)         (3,004)         792
other current assets
(Increase) decrease in          46              (7)             —
non-current assets
Increase (decrease) in accounts 35,159          (12,882)        (20,836)
payable
Increase (decrease) in accrued  (77)            9,782           12,053
expenses
(Decrease) in deferred rent    (1,679)         (2,069)         (4,235)
Increase (decrease) in other    (288)           496             (4)
noncurrent liabilities
Net cash provided by operating  91,816          84,525          98,195
activities
CASH FLOWS USED IN INVESTING                                  
ACTIVITIES:
Payments for capital            (37,531)        (35,643)        (29,285)
expenditures
Proceeds from maturities of     393,424         480,089         595,705
short-term investments
Payments to acquire short-term  (443,887)       (545,670)       (429,841)
investments
Net cash (used in) investing    (87,994)        (101,224)       136,579
activities
CASH FLOWS FROM FINANCING                                     
ACTIVITIES:
Income tax benefit from stock   1,883           607             (40)
compensation plans
Net proceeds from issuance of   546             784             —
common stock
Fractional share payments      —               —               —
Tax payments related to equity  —               (634)           (491)
compensation plans
Net cash provided by financing  2,429           757             (531)
activities
Net increase (decrease) in cash 6,251           (15,942)        234,243
and cash equivalents
CASH AND CASH EQUIVALENTS,      80,979          87,230          71,288
beginning of year
CASH AND CASH EQUIVALENTS, end  $ 87,230        $ 71,288        $ 305,531
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 1, 2014 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 1, 2014 which was filed with the Securities and
Exchange Commission on April 2, 2014.

 
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