JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB)
announces that net income for the second quarter of fiscal year
2010 increased 31.7% to $16.5 million, as compared to $12.5 million
for the second quarter of fiscal year 2009. Earnings per share for
the second quarter of fiscal year 2010 increased 31.1% to $0.59 per
share, as compared to $0.45 per share for the second quarter of
fiscal year 2009. The second quarter of fiscal year 2010 ended July
31, 2010; the second quarter of fiscal year 2009 ended August 1,
2009.
All earnings per share amounts in this news release represent
diluted earnings per share. All share and per share amounts of
common shares included in this release have been adjusted to
reflect the stock split in the form of a 50% stock dividend
distributed on August 18, 2010.
Total sales for the second quarter of fiscal year 2010 increased
12.3% to $188.4 million from $167.7 million in the second quarter
of fiscal year 2009, while comparable store sales increased 9.2%
and Direct Marketing sales increased 12.4%.
“We are pleased with the Company’s financial performance for the
second 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 continued
to drive solid sales growth for the quarter, which, combined with
the leveraging of our operating expenses, has resulted in strong
earnings growth. With this quarter’s results, we have achieved
earnings growth in 35 of the past 36 quarters when compared to the
respective prior year periods, including 17 quarters in a row,”
continued Mr. Black.
Comparing the first six months of fiscal year 2010 with the
first six months of fiscal year 2009, net income increased 34.7% to
$32.3 million, as compared to $24.0 million and earnings per share
increased 34.9% to $1.16 per share, as compared to $0.86 per share.
Total sales for the first six months of fiscal year 2010 increased
11.2% to $366.5 million from $329.7 million for the first six
months of fiscal year 2009, while comparable store sales increased
9.8% and Direct Marketing sales increased 5.6%.
A conference call to discuss the second quarter of fiscal
year 2010 earnings will be held Thursday, September 2, 2010 at
11:00 a.m. Eastern Time (ET). To join in the call please dial (USA)
800-230-1951 or (International) 612-288-0337 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 2, 2010 until September
9, 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 169693. 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”).
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 490 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 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. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In Thousands)
January 30, 2010 July 31, 2010 (Audited)
(Unaudited)
ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 21,853
$ 89,495 Short-term investments
169,736
114,691 Accounts receivable, net 5,860
8,171
Inventories: Finished goods 209,443
213,005 Raw materials
8,878
13,040 Total inventories 218,321
226,045 Prepaid expenses and other current assets
16,035
16,590 Total current assets 431,805
454,992 NONCURRENT ASSETS: Property, plant and
equipment, net 124,139
131,089 Other noncurrent assets
420
554 Total assets $ 556,364
$
586,635 LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 18,225
$
32,158 Accrued expenses 85,256
72,644 Deferred tax
liability – current 5,064
5,067 Total current
liabilities 108,545
109,869 NONCURRENT LIABILITIES:
Deferred rent 51,853
49,535 Deferred tax liability –
noncurrent 1,608
247 Other noncurrent liabilities
1,048
1,174 Total liabilities 163,054
160,825 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Common stock 183
274 Additional
paid-in capital 83,249
83,462 Retained earnings 309,823
342,019 Accumulated other comprehensive income 55
55 Total stockholders’ equity 393,310
425,810 Total liabilities and stockholders’ equity $ 556,364
$ 586,635
Note: The foregoing audited and unaudited Condensed Consolidated
Balance Sheets are excerpts from our Condensed Consolidated
Financial Statements (as of January 30, 2010 and July 31, 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 July 31, 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 September 1, 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 Six Months Ended August 1,
2009 July 31, 2010 August 1, 2009 July 31,
2010 Net sales $ 167,735
$ 188,412 $
329,660
$ 366,537 Cost of goods sold
64,558
70,082 128,029
134,891 Gross profit 103,177
118,330 201,631
231,646 Operating expenses: Sales and
marketing, including occupancy costs 67,684
73,748 132,629
144,267 General and administrative 14,811
17,175 29,471
33,911 Total operating expenses 82,495
90,923 162,100
178,178 Operating income 20,682
27,407
39,531
53,468 Other income (expense): Interest income
92
159 161
274 Interest expense (110 )
(5 ) (208 )
(95 ) Total
other income (expense) (18 )
154
(47 )
179 Income before provision for
income taxes 20,664
27,561 39,484
53,647 Provision
for income taxes 8,152
11,082
15,517
21,360 Net income
$ 12,512
$ 16,479 $ 23,967
$ 32,287 Per share information:
Earnings per share: Basic $ 0.46
$ 0.60 $ 0.87
$ 1.17 Diluted $ 0.45
$ 0.59 $ 0.86
$ 1.16 Weighted average shares outstanding: Basic
27,437
27,527 27,437
27,527 Diluted 27,781
27,827 27,769
27,823
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 1,
2009 and July 31, 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 July
31, 2010, which was filed with the Securities and Exchange
Commission on September 1, 2010.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (In
Thousands) (Unaudited) Six
Months Ended August 1, 2009 July 31, 2010
Cash flows from operating activities: Net income $ 23,967
$
32,287
Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation and amortization 10,896
11,802 Loss on
disposals of property, plant and equipment 66
91 Non-cash
equity compensation -
234 Increase (decrease) in deferred
taxes 225
(1,358 ) Net (increase) in operating
working capital and other components (24,773 )
(17,988 ) Net cash provided by operating
activities 10,381
25,068
Cash flows from investing activities: Capital expenditures
(7,413 )
(12,471 ) Net (purchases) maturities of
short-term investments (64,879 )
55,045
Net cash provided by (used in) investing activities
(72,292 )
42,574 Cash flows from
financing activities: -
-
Net increase (decrease) in cash and cash equivalents (61,911
)
67,642 Cash and cash equivalents –
beginning of period 122,875
21,853
Cash and cash equivalents – end of period $ 60,964
$ 89,495
Note: The foregoing unaudited Condensed Consolidated Statements
of Cash Flows are excerpts from our unaudited Condensed
Consolidated Financial Statements for the six months ended August
1, 2009 and July 31, 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 July
31, 2010, which was filed with the Securities and Exchange
Commission on September 1, 2010.
Jos. A. Bank Clothiers (NASDAQ:JOSB)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Jos. A. Bank Clothiers (NASDAQ:JOSB)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024