JOSB Jos. A. Bank Clothiers, Inc. (MM)

JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market: JOSB) announces today record results for its fiscal year ended January 29, 2011 (“fiscal year 2010”).

Net income for fiscal year 2010 increased 21% to a record $85.8 million, as compared with net income of $71.2 million for the fiscal year ended January 30, 2010 (“fiscal year 2009”). Earnings per share for fiscal year 2010 increased 20% to $3.08 as compared with earnings per share of $2.56 for fiscal year 2009.

Net sales reached a record of $858.1 million in fiscal year 2010, representing an 11.4% gain as compared with net sales of $770.3 million in fiscal year 2009. Comparable store sales increased 7.0% during fiscal year 2010, while Direct Marketing sales increased 24.4%.

“2010 was another very successful year for the Company,” commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. “We realized double digit sales growth again through strong comparable store sales and Direct Marketing sales, combined with the sales contribution from the 36 new stores we added during the year. Additionally, we generated net income growth of 21% as we continued to gain leverage, primarily through margin expansion and expense control. Our cash from operating activities grew 25% and our financial position remains very strong. Once again, we ended the year with no debt. With this quarter’s results, we have achieved earnings growth in 37 of the past 38 quarters when compared to the respective prior year periods, including 19 quarters in a row,” continued Mr. Black.

A conference call to discuss fiscal year 2010 earnings will be held Thursday, March 31, 2011 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1059 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 March 31, 2011 until April 7, 2011 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 196991. 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 adjusted for the 50% stock dividend that the Company announced on June 17, 2010, under which stockholders of record as of July 30, 2010 received one additional share of common stock for each two shares then owned. The stock dividend was distributed on August 18, 2010.

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 510 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, financial condition and operations. 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 29, 2011. 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. CONSOLIDATED BALANCE SHEETS AS OF JANUARY 30, 2010 AND JANUARY 29, 2011 (In Thousands, Except Share Information)     January 30, 2010 January 29, 2011 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 21,853 $ 80,979 Short-term investments 169,736 189,789 Accounts receivable, net 5,860 9,525 Inventories 218,321 233,310 Prepaid expenses and other current assets   16,035   19,494 Total current assets 431,805 533,097 NONCURRENT ASSETS: Property, plant and equipment, net 124,139 128,603 Other noncurrent assets   420   337 Total assets $ 556,364 $ 662,037 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 18,225 $ 31,505 Accrued expenses 85,256 88,165 Deferred tax liability - current   5,064   5,276 Total current liabilities 108,545 124,946 NONCURRENT LIABILITIES: Long-term debt - - Deferred rent 51,853 49,279 Deferred tax liability - noncurrent 1,608 4,147 Other noncurrent liabilities   1,048   989 Total liabilities   163,054   179,361 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Preferred stock, $1.00 par, 500,000 shares authorized, none issued or outstanding - - Common stock, $.01 par, 45,000,000 shares authorized, 27,526,744 issued and outstanding at January 30, 2010 and 27,622,054 issued and outstanding at January 29, 2011 183 275 Additional paid-in capital 83,249 86,792 Retained earnings 309,823 395,531 Accumulated other comprehensive gains   55   78 Total stockholders’ equity   393,310   482,676 Total liabilities and stockholders’ equity $ 556,364 $ 662,037  

Note: The foregoing audited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 30, 2010 and as of January 29, 2011) and do not include the Notes, which are an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011, which was filed with the Securities and Exchange Commission on March 30, 2011.

  JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED JANUARY 31, 2009, JANUARY 30, 2010 and JANUARY 29, 2011 (In Thousands, Except Per Share Information)       Fiscal Year   2008     2009     2010   NET SALES $ 695,908 $ 770,316 $ 858,128 Cost of goods sold   264,954     298,193     320,585   GROSS PROFIT   430,954     472,123     537,543   OPERATING EXPENSES: Sales and marketing, including occupancy costs 277,354 293,663 326,464 General and administrative   58,111     61,057     69,472   Total operating expenses   335,465     354,720     395,936   OPERATING INCOME 95,489 117,403 141,607 OTHER INCOME (EXPENSE): Interest income 856 375 589 Interest expense   (379 )   (395 )   (136 ) Total other income (expense)   477     (20 )   453   Income before provision for income taxes 95,966 117,383 142,060 Provision for income taxes   37,558     46,228     56,261   NET INCOME $ 58,408   $ 71,155   $ 85,799     PER SHARE INFORMATION Earnings per share: Basic $ 2.14 $ 2.59 $ 3.11 Diluted $ 2.11 $ 2.56 $ 3.08 Weighted average shares outstanding: Basic 27,321 27,452 27,553 Diluted 27,668 27,785 27,851  

Note: The foregoing audited Consolidated Statements of Income are excerpts from our Consolidated Financial Statements for each of the three years ended January 29, 2011 and do not include the Notes, which are considered an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2011 which was filed with the Securities and Exchange Commission on March 30, 2011.

  JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JANUARY 31, 2009, JANUARY 30, 2010 AND JANUARY 29, 2011 (In Thousands)   Fiscal Year   2008       2009       2010   CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 58,408 $ 71,155 $ 85,799

Adjustments to reconcile net income to net cash provided by operating activities:

Increase (decrease) in deferred taxes 1,311 (2,537 ) 2,751 Depreciation and amortization 20,609 22,382 24,479 Loss on disposition of assets 279 160 357 Asset impairment charges 1,240 1,554 1,215 Equity compensation - - 1,252 Changes in assets and liabilities: (Increase) decrease in accounts receivable (1,549 ) 1,544 (3,665 ) (Increase) in inventories (2,417 ) (9,079 ) (14,989 ) (Increase) decrease in prepaids and other current assets 817 1,741 (3,459 ) Decrease in non-current assets 27 61 83 Increase (decrease) in accounts payable (17,609 ) (11,549 ) 13,280 Increase in accrued expenses 8,018 12,120 1,738 Increase (decrease) in deferred rent 4,558 (2,890 ) (2,574 ) Increase (decrease) in other noncurrent liabilities   (152 )   86     (28 ) Net cash provided by operating activities   73,540     84,748     106,239   CASH FLOWS USED FOR INVESTING ACTIVITIES: Payments for capital expenditures (35,105 ) (16,333 ) (29,352 ) Proceeds from disposal of assets 197 - - Proceeds from maturities of short-term investments - 34,951 169,736 Payments to acquire short-term investments   -     (204,687 )   (189,789 ) Net cash used for investing activities   (34,908 )   (186,069 )   (49,405 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving loan agreement - - - Repayment of borrowings under revolving loan agreement - - - Income tax benefit from exercise of stock options 625 65 1,300 Proceeds from issuance of common stock 1,536 234 1,013 Fractional share payments   -     -     (21 ) Net cash provided by financing activities   2,161     299     2,292   Net increase (decrease) in cash and cash equivalents 40,793 (101,022 ) 59,126 CASH AND CASH EQUIVALENTS, beginning of year   82,082     122,875     21,853   CASH AND CASH EQUIVALENTS, end of year $ 122,875   $ 21,853   $ 80,979    

Note: The foregoing audited Consolidated Statements of Cash Flows are excerpts from our Consolidated Financial Statements for each of the three years ended January 29, 2011 and do not include the Notes, which are considered an integral part thereof. The foregoing audited financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2011 which was filed with the Securities and Exchange Commission on March 30, 2011.