JoS. A. Bank Clothiers Reports 34.0% Increase in December Sales; Comparable Store Sales Gain 20.7%; Company Raises Earnings Guid
05 Janvier 2006 - 11:00AM
Business Wire
JoS. A. Bank Clothiers, Inc. (Nasdaq National Market: "JOSB") today
reported that its total net sales for the fiscal month ended
December 31, 2005 (fiscal December 2005) increased 34.0% to $91.1
million, compared with $68.0 million in fiscal December 2004.
Comparable store sales increased 20.7% and combined catalog and
Internet sales increased 34.1% in fiscal December 2005, when
compared with the same prior-year period. The comparable store
sales gain represents the third consecutive year that JoS. A. Bank
Clothiers has posted double digit comparable stores sales gains in
the fiscal month of December. The Company also noted that it
expects earnings per share for the fiscal year ending January 28,
2006 (fiscal year 2005) to at least meet the consensus analyst
estimate of $2.20 per share, representing at least a 28% increase
when compared with earnings per share of $1.72 in fiscal year 2004.
The Company also noted that its financing remains strong as there
are currently no outstanding borrowings under its $100 million
credit agreement. In addition, the Company's cash balance as of
January 4, 2006 was approximately $8.5 million more than its cash
balance at the same date last year, despite investing in the
opening of over 50 new stores and building its inventory in certain
key items during the current fiscal year. "We are very pleased with
how well the JoS. A. Bank brand continues to perform and deliver
record-breaking earnings for the Company and its shareholders,"
noted Robert N. Wildrick, Chief Executive Officer of JoS. A. Bank
Clothiers, Inc. "We have pursued a number of initiatives in recent
years designed to establish JoS. A. Bank as the premier menswear
brand in America, including a brand-building media advertising
campaign that began in November 2004. We believe we have made great
progress towards this goal, as evidenced by the sales strength we
have seen during key gift-giving periods. While weather and other
factors make it difficult to project sales and gross profit margin
in January, we expect to at least meet the consensus analyst
estimate of $2.20 per share for fiscal year 2005." While sales have
increased in all merchandise categories during this year's holiday
season, particular strength has been noted in blazers, sportcoats,
sportswear and other key items the Company invested in this year.
Total net sales for the eleven fiscal months ended December 31,
2005 increased 24.4% to $433.8 million, compared with $348.6
million for the eleven fiscal months ended January 1, 2005.
Comparable store sales increased 10.0% and combined catalog and
Internet sales increased 24.9% in the eleven fiscal months ended
December 31, 2005, when compared with the same eleven fiscal month
prior-year period. All earnings per share amounts in this news
release represent diluted earnings per share adjusted for two stock
dividends that were distributed to stockholders in fiscal 2004. The
earnings per share amounts have not been adjusted for the stock
dividend that the Company announced on December 14, 2005, under
which shareholders of record as of January 27, 2006 will receive
one additional share of common stock for each four shares then
owned. The dividend shares will be distributed to shareholders on
February 15, 2006. The fiscal 2004 earnings per share amounts
included in this news release give effect to the restatement of the
Company's financial statements to reflect the revision of the
Company's historical practices of accounting for lease transactions
as discussed in the Company's Annual Report on Form 10-K for the
year ended January 29, 2005. About JoS. A. Bank Clothiers, Inc.
JoS. A. Bank Clothiers, Inc., established in 1905, is one of the
nation's leading retailers of men's classically-styled tailored and
casual clothing, sportswear, footwear and accessories. The Company
sells its full product line through 318 stores in 40 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 National Market under the symbol "JOSB." The Company's
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 forecast due to a variety of factors outside
of the Company's control that can affect the Company's operating
results, liquidity and financial condition. Such factors include
risks associated with economic, weather, public health and other
factors affecting consumer spending, the ability of the Company to
finance its expansion plans, the mix and pricing of goods sold, the
market price of key raw materials such as wool and cotton,
availability of lease sites for new stores, the ability to source
product from its global supplier base and other competitive
factors. 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 the Company's Annual
Report on Form 10-K for the year ended January 29, 2005. These
cautionary statements qualify all of the forward-looking statements
the Company makes herein. The Company cannot assure you that the
results or developments anticipated by the Company will be realized
or, even if substantially realized, that those results or
developments will result in the expected consequences for the
Company or affect the Company, its business or its operations in
the way the Company expects. The Company cautions you not to place
undue reliance on these forward-looking statements, which speak
only as of their respective dates, and assumes no obligation to
update any of the forward-looking statements. These risks should be
carefully reviewed before making any investment decision.
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