JOSB Jos. A. Bank Clothiers, Inc. (MM)

JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that earnings for the first quarter of fiscal year 2008 increased 18% to $0.53 per share, as compared to $0.45 per share for the first quarter of fiscal year 2007. Net income in the first quarter of fiscal year 2008 was $9.8 million, as compared to $8.4 million in the first quarter of fiscal year 2007. The first quarter of fiscal year 2008 ended May 3, 2008; the first quarter of fiscal year 2007 ended May 5, 2007. Comparing the first quarter of fiscal year 2008 with the first quarter of fiscal year 2007, total net sales increased 12.3% to $145.4 million from $129.5 million; comparable store sales increased 6.4%; and Direct Marketing sales increased 0.2%. A conference call to discuss fiscal year 2008 first quarter earnings will be held Thursday, June 5, 2008 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 888-428-4480 or (International) 612-332-0636 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 5, 2008 until June 12, 2008 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 927050. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com (select �Company Information� and �Investor Relations�). All earnings per share amounts in this news release represent diluted earnings per share. 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 434 stores in 42 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." 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, higher energy and security costs, the successful implementation of the Company's growth strategy including the ability of the Company to finance its 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 the Company's marketing programs, the availability of suitable lease sites for new stores, the ability to source product from its global supplier base, litigations and other competitive factors. Other factors and risks that may affect the Company�s business or future financial results are detailed in the Company�s filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended February 2, 2008 and the Company's subsequent Quarterly Reports on Form 10-Q filed through the date hereof. 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. The Company does not undertake an obligation to update or revise any forward-looking statements to reflect actual results or changes in the Company's assumptions, estimates or projections. These risks should be carefully reviewed before making any investment decision. JOS. A. BANK CLOTHIERS, INC. Condensed Consolidated Balance Sheets (In Thousands) (unaudited) � � � February 2, 2008 May 3, 2008 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 82,082 $ 53,559 Accounts receivable, net 5,855 12,912 Inventories: Finished goods 196,547 200,190 Raw materials � 10,278 � � 10,120 � Total inventories 206,825 210,310 Prepaid expenses and other current assets � 18,593 � � 19,945 � � Total current assets 313,355 296,726 � NONCURRENT ASSETS: Property, plant and equipment, net 126,235 129,334 Other noncurrent assets � 508 � � 502 � Total assets $ 440,098 � $ 426,562 � � LIABILITIES AND STOCKHOLDERS� EQUITY � CURRENT LIABILITIES: Accounts payable $ 47,383 $ 38,146 Accrued expenses 72,150 56,113 Deferred tax liability � current � 6,688 � � 7,194 � Total current liabilities 126,221 101,453 � NONCURRENT LIABILITIES: Long-term debt - - Noncurrent lease obligations 50,185 51,124 Deferred tax liability � noncurrent 1,210 1,244 Other noncurrent liabilities � 1,317 � � 1,626 � Total liabilities � 178,933 � � 155,447 � � COMMITMENTS AND CONTINGENCIES � STOCKHOLDERS� EQUITY: Common stock 181 181 Additional paid-in capital 80,791 80,910 Retained earnings 180,260 190,091 Accumulated other comprehensive losses � (67 ) � (67 ) Total stockholders� equity � 261,165 � � 271,115 � Total liabilities and stockholders� equity $ 440,098 � $ 426,562 � Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of February 2, 2008 and May 3, 2008) 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 May 3, 2008 and the Annual Report on Form 10-K for the fiscal year ended February 2, 2008, which were filed with the Securities and Exchange Commission on June 4, 2008 and April 10, 2008, respectively. JOS. A. BANK CLOTHIERS, INC. Condensed Consolidated Statements of Income (In Thousands, Except Per Share Information) (unaudited) � Three Months Ended May 5, 2007 � May 3, 2008 � Net sales $ 129,533 $ 145,404 � Cost of goods sold � 48,453 � � 54,424 � � Gross Profit � 81,080 � � 90,980 � � Operating expenses: Sales and marketing 54,059 60,935 General and administrative � 13,219 � � 13,207 � Total operating expenses � 67,278 � � 74,142 � � Operating income 13,802 16,838 � Other income (expense): Interest income 438 303 Interest expense � (101 ) � (94 ) Total other income � 337 � � 209 � � Income before provision for income taxes 14,139 17,047 Provision for income taxes � 5,781 � � 7,216 � � Net income $ 8,358 � $ 9,831 � � Earnings per share: Net income per share: Basic $ 0.46 $ 0.54 Diluted $ 0.45 $ 0.53 Weighted average shares outstanding: Basic 18,042 18,184 Diluted 18,376 18,412 Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our unaudited Condensed Consolidated Financial Statements for the three months ended May 5, 2007 and May 3, 2008 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 May 3, 2008, which was filed with the Securities and Exchange Commission on June 4, 2008. JOS. A. BANK CLOTHIERS, INC. Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited) � � � Three Months Ended May 5, 2007 � May 3, 2008 � Cash flows from operating activities: Net income $ 8,358 $ 9,831 Adjustments to reconcile net income tonet cash used in operating activities: Depreciation and amortization 4,480 4,910 Loss on disposals of property, plant andequipment 69 36 (Decrease) increase in deferred taxes (404 ) 540 Net increase in operating working capitaland other components � (22,751 ) � (36,010 ) � Net cash used in operating activities � (10,248 ) � (20,693 ) � Cash flows from investing activities: Capital expenditures � (7,338 ) � (7,949 ) � Net cash used in investing activities � (7,338 ) � (7,949 ) � Cash flows from financing activities: Income tax benefit from exercise ofstock options 227 - Net proceeds from exercise of stock options � 753 � � 119 � � Net cash provided by financing activities � 980 � � 119 � � Net decrease in cash and cash equivalents (16,606 ) (28,523 ) � Cash and cash equivalents � beginning ofperiod � 43,080 � � 82,082 � � Cash and cash equivalents � end of period $ 26,474 � $ 53,559 � Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for three months ended May 5, 2007 and May 3, 2008 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 May 3, 2008, which was filed with the Securities and Exchange Commission on June 4, 2008.