JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB)
announces that net income for the third quarter of fiscal year 2010
increased 7.1% to $12.6 million, as compared to $11.7 million for
the third quarter of fiscal year 2009. Earnings per share for the
third quarter of fiscal year 2010 increased 7.1% to $0.45 per
share, as compared to $0.42 per share for the third quarter of
fiscal year 2009. The third quarter of fiscal year 2010 ended
October 30, 2010; the third quarter of fiscal year 2009 ended
October 31, 2009.
Total sales for the third quarter of fiscal year 2010 increased
7.4% to $173.3 million from $161.3 million in the third quarter of
fiscal year 2009, while comparable store sales increased 3.0% and
Direct Marketing sales increased 14.9%.
Comparing the first nine months of fiscal year 2010 with the
first nine months of fiscal year 2009, net income increased 25.6%
to $44.9 million, as compared to $35.7 million and earnings per
share increased 24.8% to $1.61 per share, as compared to $1.29 per
share. Total sales for the first nine months of fiscal year 2010
increased 9.9% to $539.8 million from $491.0 million for the first
nine months of fiscal year 2009, while comparable store sales
increased 7.6% and Direct Marketing sales increased 8.4%.
“Sales for the quarter were positive but started out below plan
in August and then picked up in September and October with each
month getting progressively better, and then were even stronger in
November and early December,” commented R. Neal Black, President
and CEO of JoS. A. Bank Clothiers, Inc. "The hot weather in August
was hard on us and it was tough to stage a big rebound after that
due to the election; however, with these third quarter results, we
have achieved record earnings growth in 36 of the past 37 quarters
when compared to the respective prior year periods, including 18
quarters in a row. Right now, to date, the fourth quarter has
started out strong. November suit sales and total sales were up
substantially compared to last year and were ahead of our plans.
Our fourth quarter results last year were very strong. Therefore we
remain cautious, but our merchandising and marketing plans are in
place for the most important selling period of the quarter and the
year and we have confidence in those plans,” continued Mr.
Black.
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.
A conference call to discuss the third quarter of fiscal year
2010 earnings will be held Thursday, December 2, 2010 at 11:00 a.m.
Eastern Time (ET). To join in the call please dial (USA)
800-230-1074 or (International) 612-234-9959 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 2, 2010 until December 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 182157. 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 502 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 Statements of Income (In Thousands
Except Per Share Data) (Unaudited)
Three Months Ended Nine Months Ended
October 31, 2009 October 30, 2010 October 31,
2009 October 30, 2010 Net sales $ 161,309
$ 173,268 $ 490,969
$ 539,805
Cost of goods sold 60,502
62,429
188,531
197,320 Gross
profit 100,807
110,839
302,438
342,485 Operating
expenses: Sales and marketing, including occupancy costs 67,450
73,961 200,079
218,228 General and administrative
14,043
16,421 43,514
50,332 Total operating expenses
81,493
90,382 243,593
268,560 Operating income 19,314
20,457 58,845
73,925 Other income (expense):
Interest income 101
148 262
422 Interest expense
(93 )
(33 ) (301 )
(128 ) Total other income (expense) 8
115 (39 )
294
Income before provision for income taxes 19,322
20,572 58,806
74,219 Provision for income taxes
7,594
8,009 23,111
29,369 Net income $ 11,728
$ 12,563 $ 35,695
$
44,850 Per share information: Earnings per
share: Basic $ 0.43
$ 0.46 $ 1.30
$
1.63 Diluted $ 0.42
$ 0.45 $ 1.29
$
1.61 Weighted average shares outstanding: Basic 27,438
27,534 27,437
27,529 Diluted 27,798
27,849
27,778
27,831
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 October
31, 2009 and October 30, 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
October 30, 2010, which was filed with the Securities and Exchange
Commission on December 1, 2010.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In Thousands)
January 30, 2010 October 30, 2010
(Audited) (Unaudited)
ASSETS CURRENT ASSETS: Cash and
cash equivalents $ 21,853
$ 98,507 Short-term
investments 169,736
79,746 Accounts receivable, net 5,860
11,950 Inventories: Finished goods 209,443
258,328
Raw materials 8,878
10,373 Total inventories
218,321
268,701 Prepaid expenses and other current assets
16,035
27,949 Total current assets
431,805
486,853 NONCURRENT ASSETS: Property, plant
and equipment, net 124,139
133,742 Other noncurrent assets
420
533 Total assets $ 556,364
$
621,128 LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 18,225
$
44,991 Accrued expenses 85,256
76,726 Deferred tax
liability – current 5,064
4,595 Total current
liabilities 108,545
126,312 NONCURRENT LIABILITIES:
Deferred rent 51,853
50,205 Deferred tax liability –
noncurrent 1,608
2,532 Other noncurrent liabilities
1,048
878 Total liabilities 163,054
179,927 COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY: Common stock 183
275 Additional
paid-in capital 83,249
86,289 Retained earnings 309,823
354,582 Accumulated other comprehensive income 55
55 Total stockholders’ equity 393,310
441,201 Total liabilities and stockholders’ equity $ 556,364
$ 621,128
Note: The foregoing audited and unaudited Condensed Consolidated
Balance Sheets are excerpts from our Condensed Consolidated
Financial Statements (as of January 30, 2010 and October 30, 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 October 30, 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 December 1, 2010 and
March 31, 2010, respectively.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (In
Thousands) (Unaudited)
Nine Months
Ended October 31, 2009 October 30, 2010
Cash flows from operating activities: Net income $ 35,695
$
44,850
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization 16,533
18,107 Loss on
disposals of property, plant and equipment 120
150 Non-cash
equity compensation -
701 Increase (decrease) in deferred
taxes (200 )
455 Net (increase) in operating working capital
and other components (57,730 )
(59,194
) Net cash provided by (used in) operating
activities (5,582 )
5,069
Cash flows from investing activities: Capital expenditures (10,595
)
(20,696 ) Net maturities (purchases) of short-term
investments (64,879 )
89,990
Net cash provided by (used in) investing activities
(75,474 )
69,294 Cash flows from
financing activities: Income tax benefit from exercise of stock
options 57
1,300 Net proceeds from exercise of stock options
38
1,012 Fractional share payments -
(21 ) Net cash provided by financing
activities 95 2,291 Net
increase (decrease) in cash and cash equivalents (80,961 )
76,654 Cash and cash equivalents – beginning
of period 122,875
21,853
Cash and cash equivalents – end of period $ 41,914
$
98,507
Note: The foregoing unaudited Condensed Consolidated Statements
of Cash Flows are excerpts from our unaudited Condensed
Consolidated Financial Statements for the nine months ended October
31, 2009 and October 30, 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
October 30, 2010, which was filed with the Securities and Exchange
Commission on December 1, 2010.
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