JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB)
announces that net income for the third quarter of fiscal year
2009, as compared to the third quarter of fiscal year 2008,
increased 26% to $11.7 million. Earnings per share for the third
quarter of fiscal year 2009 increased 26% to $0.63 per share, as
compared to $0.50 per share for the third quarter of fiscal year
2008. Total sales for the third quarter of fiscal year 2009
increased 8.1% to $161.3 million from $149.3 million in the third
quarter of fiscal year 2008, while comparable store sales increased
3.3% and Direct Marketing sales increased 21.2%. The third quarter
of fiscal year 2009 ended October 31, 2009; the third quarter of
fiscal year 2008 ended November 1, 2008.
“Despite the continued pressure we are facing from the difficult
national economy, our business model is performing very well,”
commented R. Neal Black, President and CEO of JoS. A. Bank
Clothiers, Inc. “With this quarter’s results, we have achieved
earnings growth in 32 of the past 33 quarters when compared to the
respective prior year periods, including 14 quarters in a row,”
continued Mr. Black.
Comparing the first nine months of fiscal year 2009 with the
first nine months of fiscal year 2008, net income increased 27% to
$35.7 million, as compared to $28.0 million and earnings per share
increased 27% to $1.93 per share, as compared to $1.52 per share.
Total sales for the first nine months of fiscal year 2009 increased
9.7% to $491.0 million from $447.4 million for the first nine
months of fiscal year 2008 while comparable store sales increased
4.6% and Direct Marketing sales increased 7.4%.
A conference call to discuss the third quarter of fiscal year
2009 earnings will be held Thursday, December 3, 2009 at 11:00 a.m.
Eastern Time (ET). To join in the call please dial (USA)
888-781-3339 or (International) 703-546-4240 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 3, 2009 until December 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 125369. 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 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 474 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)
January 31, 2009 October 31, 2009 (Audited)
(Unaudited)
ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 122,875
$ 41,914 Short-term investments
-
64,879 Accounts receivable, net 7,404
13,253
Inventories: Finished goods 199,886
241,705 Raw materials
9,356
10,149 Total inventories 209,242
251,854 Prepaid expenses and other current assets
17,776
17,557 Total current assets 357,297
389,457 NONCURRENT ASSETS: Property, plant and
equipment, net 133,588
128,439 Other noncurrent assets
481
746 Total assets $ 491,366
$
518,642 LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 29,774
$
33,695 Accrued expenses 74,792
63,901 Deferred tax
liability – current 6,604
6,760 Total current
liabilities 111,170
104,356 NONCURRENT LIABILITIES:
Deferred rent 54,743
53,259 Deferred tax liability –
noncurrent 2,605
2,249 Other noncurrent liabilities
1,035
1,175 Total liabilities 169,553
161,039 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Common stock 182
182 Additional
paid-in capital 82,951
83,046 Retained earnings 238,668
274,363 Accumulated other comprehensive income 12
12 Total stockholders’ equity 321,813
357,603 Total liabilities and stockholders’ equity $ 491,366
$ 518,642 Note: The foregoing audited and
unaudited Condensed Consolidated Balance Sheets are excerpts from
our Condensed Consolidated Financial Statements (as of January 31,
2009 and October 31, 2009) and do not include the Notes, which are
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
October 31, 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 December 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 Nine Months
Ended
November 1,
2008
October 31,
2009
November 1,
2008
October 31,
2009
Net sales $ 149,274
$ 161,309 $ 447,412
$ 490,969 Cost of goods sold 54,980
60,502 166,900
188,531 Gross profit 94,294
100,807 280,512
302,438 Operating expenses: Sales and
marketing, including occupancy costs 66,209
67,450 193,773
200,079 General and administrative 14,231
14,043 41,269
43,514 Total operating expenses 80,440
81,493 235,042
243,593 Operating income 13,854
19,314
45,470
58,845 Other income (expense): Interest income
169
101 793
262 Interest expense (103 )
(93 ) (289 )
(301 ) Total
other income (expense) 66
8
504
(39 ) Income before
provision for income taxes 13,920
19,322 45,974
58,806 Provision for income taxes 4,621
7,594 17,975
23,111
Net income $ 9,299
$ 11,728
$ 27,999
$ 35,695 Per
share information: Earnings per share: Basic $ 0.51
$
0.64 $ 1.54
$ 1.95 Diluted $ 0.50
$
0.63 $ 1.52
$ 1.93 Weighted average shares
outstanding: Basic 18,215
18,292 18,194
18,291
Diluted 18,461
18,532 18,433
18,518 Note: The
foregoing unaudited Condensed Consolidated Statements of Income are
excerpts from our unaudited Condensed Consolidated Financial
Statements for the three and nine months ended November 1, 2008 and
October 31, 2009 and do not include the Notes, which are 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
October 31, 2009, which was filed with the Securities and Exchange
Commission on December 2, 2009.
JOS. A.
BANK CLOTHIERS, INC. Condensed Consolidated Statements of
Cash Flows (In Thousands) (Unaudited)
Nine Months Ended November 1, 2008 October 31,
2009 Cash flows from operating activities: Net income $
27,999
$ 35,695
Adjustments to reconcile net
income to net cash used in operating activities:
Depreciation and amortization 15,394
16,533 Loss on
disposals of property, plant and equipment 227
120 Increase
(decrease) in deferred taxes 1,210
(200 ) Net
increase in operating working capital and other components
(57,434 )
(57,730 ) Net cash used in
operating activities (12,604 )
(5,582
) Cash flows from investing activities: Capital
expenditures (26,888 )
(10,595 ) Proceeds from
disposal of fixed assets 197
- Purchases of short-term
investments -
(64,879 )
Net cash used in investing activities (26,691 )
(75,474 ) Cash flows from financing
activities: Income tax benefit from exercise of stock options 528
57 Net proceeds from exercise of stock options 1,137
38 Net cash provided by
financing activities 1,665
95
Net decrease in cash and cash equivalents
(37,630 )
(80,961 ) Cash and cash
equivalents – beginning of period 82,082
122,875 Cash and cash equivalents – end of
period $ 44,452
$ 41,914 Note:
The foregoing unaudited Condensed Consolidated Statements of Cash
Flows are excerpts from our unaudited Condensed Consolidated
Financial Statements for the nine months ended November 1, 2008 and
October 31, 2009 and do not include the Notes, which are 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
October 31, 2009, which was filed with the Securities and Exchange
Commission on December 2, 2009.
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