JoS. A. Bank to Expand into the Tuxedo Rental Business
06 Janvier 2010 - 12:00PM
Business Wire
JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market:
"JOSB") announces that the Company will be expanding into the
tuxedo rental business. The Company plans to launch the new
initiative this month on a test basis in approximately 5% of its
stores. Following the test launch, the Company plans to rollout the
initiative to more than half of its stores in the spring of
2010.
R. Neal Black, President and CEO of JoS. A. Bank, stated: “Our
customers have asked us for this service. Although we are a
national leader in the sales of tuxedos, we have not offered the
specific formalwear products and services that are most commonly
used by wedding parties and these products complete our formal
assortment. We are continually looking for ways to expand sales and
offer our customers ‘one-stop’ shopping. There are very few
national companies in this business and with over 4.9 million
customers in our database, this business offers a significant
opportunity for the Company.”
David E. Ullman, CFO, added: “We have partnered with a national
distributor who will own the inventory and deliver the orders to
our stores, thus reducing the required investment and risk
associated with starting up a new operation. With this structure,
we expect that the incremental sales volume will add to the
operating margins of the Stores segment, although the gross profit
rate will be lower than we achieve with our merchandise sales.
Also, the tuxedo rental business has the potential to generate
significantly higher gross margins if we choose to invest in our
own infrastructure in the future.”
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.
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