JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB)
announces that net income for the first quarter of fiscal year 2010
increased 37% to $15.8 million, as compared to $11.5 million for
the first quarter of fiscal year 2009. Earnings per share for the
first quarter of fiscal year 2010 increased 37% to $0.85 per share,
as compared to $0.62 per share for the first quarter of fiscal year
2009. The first quarter of fiscal year 2010 ended May 1, 2010; the
first quarter of fiscal year 2009 ended May 2, 2009.
Total sales for the first quarter of fiscal year 2010 increased
10.0% to $178.1 million from $161.9 million in the first quarter of
fiscal year 2009, while comparable store sales increased 10.4% and
Direct Marketing sales decreased 0.6%.
“We are pleased with the Company’s earnings and sales
performance for the first quarter of fiscal year 2010,” commented
R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc.
Our combination of offering high quality men’s clothing at a great
value continues to drive solid traffic with our current customers
and has also been successful at attracting new customers and
expanding market share. With this quarter’s results, we have
achieved earnings growth in 34 of the past 35 quarters when
compared to the respective prior year periods, including 16
quarters in a row,” continued Mr. Black.
A conference call to discuss the first quarter of fiscal year
2010 earnings will be held Thursday, June 3, 2010 at 11:00 a.m.
Eastern Time (ET). To join in the call please dial (USA)
800-398-9402 or (International) 612-332-0418 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 3, 2010 until June 10, 2010 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 160084.
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 479 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 30,
2010 and the Company's subsequent Quarterly Report 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. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In Thousands)
January 30, 2010 May 1, 2010 (Audited)
(Unaudited)
ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 21,853
$ 46,649 Short-term investments
169,736
139,689 Accounts receivable, net 5,860
15,481
Inventories: Finished goods 209,443
213,364 Raw materials
8,878
8,838 Total inventories 218,321
222,202 Prepaid expenses and other current assets
16,035
16,303 Total current assets 431,805
440,324 NONCURRENT ASSETS: Property, plant and
equipment, net 124,139
126,259 Other noncurrent assets
420
524 Total assets $ 556,364
$
567,107 LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 18,225
$
30,701 Accrued expenses 85,256
69,665 Deferred tax
liability – current 5,064
5,064 Total current
liabilities 108,545
105,430 NONCURRENT LIABILITIES:
Deferred rent 51,853
50,582 Deferred tax liability –
noncurrent 1,608
795 Other noncurrent liabilities
1,048
1,182 Total liabilities 163,054
157,989 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Common stock 183
183 Additional
paid-in capital 83,249
83,249 Retained earnings 309,823
325,631 Accumulated other comprehensive income 55
55 Total stockholders’ equity 393,310
409,118 Total liabilities and stockholders’ equity $ 556,364
$ 567,107
Note: The foregoing audited and unaudited Condensed Consolidated
Balance Sheets are excerpts from our Condensed Consolidated
Financial Statements (as of January 30, 2010 and May 1, 2010) and
do not include the Notes, which are an integral part thereof. The
foregoing financial information should be read in conjunction with
the Company’s Quarterly Report on Form 10-Q for the quarterly
period ended May 1, 2010 and the Annual Report on Form 10-K for the
fiscal year ended January 30, 2010, which were filed with the
Securities and Exchange Commission on June 2, 2010 and March 31,
2010, respectively.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (In thousands
except per share data) (Unaudited)
Three Months
Ended May 2, 2009 May 1, 2010 Net sales $
161,925
$ 178,125 Cost of goods sold
63,471
64,809 Gross profit
98,454
113,316 Operating
expenses: Sales and marketing, including occupancy costs 64,945
70,519 General and administrative 14,660
16,736 Total operating expenses 79,605
87,255 Operating income 18,849
26,061 Other income (expense): Interest income 69
115 Interest expense (98 )
(90 )
Total other income (expense) (29 )
25
Income before provision for income taxes 18,820
26,086 Provision for income taxes 7,365
10,278 Net income $ 11,455
$
15,808 Per share information: Earnings per
share: Basic $ 0.63
$ 0.86 Diluted $ 0.62
$
0.85 Weighted average shares outstanding: Basic 18,291
18,351 Diluted 18,504
18,545
Note: The foregoing unaudited Condensed Consolidated Statements
of Income are excerpts from our unaudited Condensed Consolidated
Financial Statements for the three months ended May 2, 2009 and May
1, 2010 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 May 1, 2010, which was filed
with the Securities and Exchange Commission on June 2, 2010.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (In
Thousands) (Unaudited)
Three Months
Ended May 2, 2009 May 1, 2010 Cash flows
from operating activities: Net income $ 11,455
$
15,808
Adjustments to reconcile net
income to net cash used in operating activities:
Depreciation and amortization 5,433
5,856 Loss on disposals
of property, plant and equipment 36
23 Increase (decrease)
in deferred taxes 192
(813 ) Net increase in
operating working capital and other components (23,066 )
(22,147 ) Net cash used in operating
activities (5,950 )
(1,273 )
Cash flows from investing activities: Capital expenditures (4,942 )
(3,978 ) Proceeds from disposal of fixed assets -
- Net proceeds from short-term investments -
30,047 Net cash provided by (used
in) investing activities (4,942 )
26,069
Cash flows from financing activities: Income tax
benefit from exercise of stock options -
- Net proceeds from
exercise of stock options -
-
Net cash provided by financing activities -
- Net increase (decrease) in
cash and cash equivalents (10,892 )
24,796
Cash and cash equivalents – beginning of period
122,875
21,853 Cash and
cash equivalents – end of period $ 111,983
$
46,649
Note: The foregoing unaudited Condensed Consolidated Statements
of Cash Flows are excerpts from our unaudited Condensed
Consolidated Financial Statements for the three months ended May 2,
2009 and May 1, 2010 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 May 1,
2010, which was filed with the Securities and Exchange Commission
on June 2, 2010.
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