JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB)
announces that net income for the second quarter of fiscal year
2009 as compared to the second quarter of fiscal year 2008
increased 41% to over $12.5 million. Earnings per share for the
second quarter of fiscal year 2009 increased 42% to $0.68 per
share, as compared to $0.48 per share for the second quarter of
fiscal year 2008. Total sales for the second quarter of fiscal year
2009 increased 9.8% to $167.7 million from $152.7 million in the
second quarter of fiscal year 2008, while comparable store sales
increased 6.2% and Direct Marketing sales decreased 6.7%. The
second quarter of fiscal year 2009 ended August 1, 2009; the second
quarter of fiscal year 2008 ended August 2, 2008.
“We are pleased to report another quarter of earnings growth for
the Company,” commented R. Neal Black, President and CEO of JoS. A.
Bank Clothiers, Inc. “With this quarter’s results, we have achieved
earnings growth in 31 of the past 32 quarters when compared to the
respective prior year periods, including 13 quarters in a row,”
continued Mr. Black.
Comparing the first six months of fiscal year 2009 with the
first six months of fiscal year 2008, net income increased 28% to
$24.0 million, as compared to $18.7 million and earnings per share
increased 26% to $1.29 per share, as compared to $1.02 per share.
Total sales for the first six months of fiscal year 2009 increased
10.6% to $329.7 million from $298.1 million for the first six
months of fiscal year 2008 while comparable store sales increased
5.2% and Direct Marketing sales increased 2.3%.
A conference call to discuss the second quarter of fiscal
year 2009 earnings will be held Thursday, September 3, 2009 at
11:00 a.m. Eastern Time (ET). To join in the call please dial (USA)
800-230-1059 or (International) 612-332-0335 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 September 3, 2009 until September
10, 2009 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 113855. 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 467 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,
including negative changes to consumer confidence and other
recessionary pressures, 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, doing business on an international basis, the
ability to source product from its global supplier base, legal
matters and other competitive factors. The identified risk factors
and 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 January 31,
2009 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)
January 31, 2009 August 1,
2009 ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 122,875
$ 60,964 Short-term investments
-
64,879 Accounts receivable, net 7,404
7,020
Inventories: Finished goods 199,886
212,357 Raw materials
9,356
13,689 Total inventories 209,242
226,046 Prepaid expenses and other current assets
17,776
14,486
Total current assets
357,297
373,395 NONCURRENT ASSETS: Property, plant
and equipment, net 133,588
128,646 Other noncurrent assets
481
448 Total assets $ 491,366
$
502,489 LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 29,774
$
34,291 Accrued expenses 74,792
58,082 Deferred tax
liability – current 6,604
6,752 Total current
liabilities 111,170
99,125 NONCURRENT LIABILITIES:
Deferred rent 54,743
53,647 Deferred tax liability –
noncurrent 2,605
2,682 Other noncurrent liabilities
1,035
1,255 Total liabilities 169,553
156,709 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Common stock 182
182 Additional
paid-in capital 82,951
82,951 Retained earnings 238,668
262,635 Accumulated other comprehensive income 12
12 Total stockholders’ equity 321,813
345,780 Total liabilities and stockholders’ equity $ 491,366
$ 502,489 Note: The foregoing audited and
unaudited Condensed Consolidated Balance Sheets are excerpts from
our Condensed Consolidated Financial Statements (as of January 31,
2009 and August 1, 2009) 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 August 1, 2009 and the Annual Report on Form 10-K for the
fiscal year ended January 31, 2009, which were filed with the
Securities and Exchange Commission on September 2, 2009 and April
8, 2009, respectively.
JOS. A. BANK
CLOTHIERS, INC.
Condensed Consolidated
Statements of Income
(In Thousands, Except Per Share
Information)
(unaudited)
Three Months Ended Six Months
Ended August 2, 2008 August 1, 2009
August 2, 2008 August 1, 2009 Net sales
$ 152,734
$ 167,735 $ 298,138
$ 329,660
Cost of goods sold 57,496
64,558
111,920
128,029
Gross profit 95,238
103,177
186,218
201,631 Operating
expenses: Sales and marketing, including occupancy costs 66,629
67,684 127,564
132,629 General and administrative
13,831
14,811 27,038
29,471 Total operating expenses
80,460
82,495 154,602
162,100 Operating income 14,778
20,682 31,616
39,531 Other income (expense):
Interest income 321
92 624
161 Interest expense
(92 )
(110 ) (186 )
(208 ) Total other income (expense) 229
(18 ) 438
(47
) Income before provision for income taxes 15,007
20,664 32,054
39,484 Provision for income taxes
6,138
8,152 13,354
15,517 Net income $ 8,869
$ 12,512 $ 18,700
$
23,967 Per share information: Earnings per
share: Basic $ 0.49
$ 0.68 $ 1.03
$
1.31 Diluted $ 0.48
$ 0.68 $ 1.02
$
1.29 Weighted average shares outstanding: Basic 18,184
18,291 18,184
18,291 Diluted 18,427
18,520
18,420
18,512 Note: The foregoing unaudited Condensed
Consolidated Statements of Income are excerpts from our unaudited
Condensed Consolidated Financial Statements for the three and six
months ended August 2, 2008 and August 1, 2009 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 August 1, 2009, which was filed with the
Securities and Exchange Commission on September 2, 2009.
JOS. A. BANK
CLOTHIERS, INC.
Condensed Consolidated
Statements of Cash Flows
(In Thousands)
(Unaudited)
Six Months Ended August 2, 2008
August 1, 2009 Cash flows from operating
activities: Net income $ 18,700
$ 23,967
Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation and amortization 10,049
10,896 Loss on
disposals of property, plant and equipment 201
66 Increase
in deferred taxes 282
225 Net increase in operating working
capital and other components (28,940 )
(24,773
) Net cash provided by operating activities
292
10,381 Cash flows
from investing activities: Capital expenditures (18,136 )
(7,413 ) Proceeds from disposal of fixed assets -
- Purchases of short-term investments -
(64,879 ) Net cash used in investing
activities (18,136 )
(72,292 )
Cash flows from financing activities: Net proceeds from
exercise of stock options 119
-
Net cash provided by financing activities 119
- Net decrease in cash and cash
equivalents (17,725 )
(61,911 )
Cash and cash equivalents – beginning of period 82,082
122,875 Cash and cash
equivalents – end of period $ 64,357
$ 60,964
Note: The foregoing unaudited Condensed Consolidated
Statements of Cash Flows are excerpts from our unaudited Condensed
Consolidated Financial Statements for six months ended August 2,
2008 and August 1, 2009 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 August 1, 2009, which was filed with the Securities and
Exchange Commission on September 2, 2009.
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