JoS. A. Bank Clothiers Reports Fiscal Year 2011 Results; Profits Increase 13.6%
28 Mars 2012 - 12:00PM
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces today record
results for its fiscal year ended January 28, 2012 ("fiscal year
2011").
Net income for fiscal year 2011 increased 13.6% to a record
$97.5 million, as compared with net income of $85.8 million for the
fiscal year ended January 29, 2011 ("fiscal year 2010"). Earnings
per share for fiscal year 2011 increased 13.3% to $3.49 as compared
with earnings per share of $3.08 for fiscal year 2010.
Net sales reached a record of $979.9 million in fiscal year
2011, representing a 14.2% gain as compared with net sales of
$858.1 million in fiscal year 2010. Comparable store sales
increased 7.6% during fiscal year 2011, while Direct Marketing
sales increased 14.7%.
"We are pleased with our financial performance in 2011. Earnings
were up 13.6% and sales increased by 14.2%, driven primarily by
strong comparable store and Direct Marketing sales growth and sales
generated by new stores. With the results of the fourth quarter of
2011, we have achieved earnings growth in 41 of the past 42
quarters when compared to the respective prior year periods,
including 23 quarters in a row," stated R. Neal Black, President
and CEO of JoS. A. Bank Clothiers, Inc. "The first quarter of
2012 has started out more slowly than we had planned with declines
in both comparable store sales and Direct Marketing sales for the
first 8 weeks of the quarter. The declines are primarily due to
weaker than expected traffic and also due to the warmer winter
weather which is resulting in significantly lower sales of
outerwear and cold weather merchandise. We are making marketing
changes to address the sales trend. We believe that these
changes will be effective and appealing to our customers; however
we remain cautious about the outcome of the first quarter of 2012,"
continued Mr. Black.
A conference call to discuss fiscal year 2011 earnings
will be held Thursday, March 29, 2012 at 11:00 a.m. Eastern Time
(ET). To join in the call please dial (USA) 800-230-1085 or
(International) 612-234-9960 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 29, 2012 until April 5, 2012 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 241638. In addition, a
webcast replay of the conference call will be posted on the
investor relations section of our website:
www.josbank.com.
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 556 stores in 43 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."
Our 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 forecasted due to a variety of factors
outside of our control that can affect our 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 our growth
strategy, including our ability to finance our 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 our marketing programs, including
compliance with relevant legal requirements, the availability of
suitable lease sites for new stores, doing business on an
international basis, the ability to source product from our global
supplier base, legal and regulatory matters and other competitive
factors. The identified risk factors and other factors and risks
that may affect our business or future financial results are
detailed in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended January 28, 2012. These cautionary statements qualify
all of the forward-looking statements we make herein. We cannot
assure you that the results or developments anticipated by us will
be realized or, even if substantially realized, that those results
or developments will result in the expected consequences for us or
affect us, our business or our operations in the way we expect. We
caution you not to place undue reliance on these forward-looking
statements, which speak only as of their respective dates. We do
not undertake an obligation to update or revise any forward-looking
statements to reflect actual results or changes in our 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 29,
2011 AND JANUARY 28, 2012 |
|
|
|
|
January 29,
2011 |
January 28,
2012 |
|
(In thousands,
except share information) |
ASSETS |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$80,979 |
$87,230 |
Short-term investments |
189,789 |
240,252 |
Accounts receivable, net |
9,525 |
15,906 |
Inventories |
233,310 |
304,655 |
Prepaid expenses and other current
assets |
19,494 |
20,886 |
Total current assets |
533,097 |
668,929 |
NONCURRENT ASSETS: |
|
|
Property, plant and equipment, net |
128,603 |
144,392 |
Other noncurrent assets |
337 |
291 |
Total assets |
$662,037 |
$813,612 |
LIABILITIES AND
STOCKHOLDERS' EQUITY |
CURRENT LIABILITIES: |
|
|
Accounts payable |
$31,505 |
$66,664 |
Accrued expenses |
88,165 |
92,937 |
Deferred tax liability — current |
5,276 |
8,479 |
Total current liabilities |
124,946 |
168,080 |
NONCURRENT LIABILITIES: |
|
|
Deferred rent |
49,279 |
47,600 |
Deferred tax liability — noncurrent |
4,147 |
11,973 |
Other noncurrent liabilities |
989 |
1,025 |
Total liabilities |
179,361 |
228,678 |
COMMITMENTS AND
CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred stock, $1.00 par, 500,000
shares authorized, none issued or outstanding |
— |
— |
Common stock, $0.01 par, 45,000,000 shares
authorized, 27,622,054 issued and outstanding at January 29, 2011
and 27,827,837 issued and outstanding at January 28, 2012 |
275 |
277 |
Additional paid-in capital |
86,792 |
91,766 |
Retained earnings |
395,531 |
493,022 |
Accumulated other comprehensive income
(loss) |
78 |
(131) |
Total stockholders' equity |
482,676 |
584,934 |
Total liabilities and stockholders'
equity |
$662,037 |
$813,612 |
|
|
|
Note: The foregoing audited
Consolidated Balance Sheets are excerpts from our Consolidated
Financial Statements (as of January 29, 2011 and as of
January 28, 2012) 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 28,
2012, which was filed with the Securities and Exchange Commission
on March 28, 2012. |
|
JOS. A. BANK CLOTHIERS,
INC. |
CONSOLIDATED STATEMENTS
OF INCOME |
FOR THE YEARS ENDED
JANUARY 30, 2010, JANUARY 29, 2011 AND JANUARY 28,
2012 |
|
|
|
|
|
Fiscal
Year |
|
2009 |
2010 |
2011 |
|
(In thousands, except
per share information) |
NET SALES |
$770,316 |
$858,128 |
$979,852 |
Cost of goods sold |
298,193 |
320,585 |
371,577 |
GROSS PROFIT |
472,123 |
537,543 |
608,275 |
OPERATING EXPENSES: |
|
|
|
Sales and marketing, including occupancy
costs |
293,663 |
326,464 |
372,268 |
General and administrative |
61,057 |
69,472 |
76,600 |
Total operating expenses |
354,720 |
395,936 |
448,868 |
OPERATING INCOME |
117,403 |
141,607 |
159,407 |
OTHER INCOME (EXPENSE): |
|
|
|
Interest income |
375 |
589 |
347 |
Interest expense |
(395) |
(136) |
(312) |
Total other income (expense) |
(20) |
453 |
35 |
Income before provision for income taxes |
117,383 |
142,060 |
159,442 |
Provision for income taxes |
46,228 |
56,261 |
61,951 |
NET INCOME |
$71,155 |
$85,799 |
$97,491 |
PER SHARE INFORMATION |
|
|
|
Earnings per share: |
|
|
|
Basic |
$2.59 |
$3.11 |
$3.51 |
Diluted |
$2.56 |
$3.08 |
$3.49 |
Weighted average shares outstanding: |
|
|
|
Basic |
27,452 |
27,553 |
27,757 |
Diluted |
27,785 |
27,851 |
27,961 |
|
|
|
|
Note: The foregoing audited
Consolidated Statements of Income are excerpts from our
Consolidated Financial Statements for each of the three years ended
January 28, 2012 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 28, 2012 which was filed with the Securities and
Exchange Commission on March 28, 2012. |
|
JOS. A. BANK CLOTHIERS,
INC. |
CONSOLIDATED STATEMENTS
OF CASH FLOWS |
FOR THE YEARS ENDED
JANUARY 30, 2010, JANUARY 29, 2011 AND JANUARY 28,
2012 |
|
|
|
|
|
Fiscal
Year |
|
2009 |
2010 |
2011 |
|
(In
thousands) |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income |
$71,155 |
$85,799 |
$97,491 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
|
Depreciation and amortization |
22,382 |
24,479 |
26,101 |
Loss on disposals of property, plant and
equipment |
160 |
357 |
311 |
Asset impairment charges |
1,554 |
1,215 |
294 |
Non-cash equity compensation |
— |
1,252 |
2,547 |
Increase (decrease) in deferred
taxes |
(2,537) |
2,751 |
11,029 |
Changes in assets and liabilities: |
|
|
|
(Increase) decrease in accounts
receivable |
1,544 |
(3,665) |
(6,381) |
(Increase) in inventories |
(9,079) |
(14,989) |
(71,345) |
(Increase) decrease in prepaids and other
current assets |
1,741 |
(3,459) |
(1,392) |
Decrease in non-current assets |
61 |
83 |
46 |
Increase (decrease) in accounts
payable |
(11,549) |
13,280 |
35,159 |
Increase (decrease) in accrued
expenses |
12,120 |
1,738 |
(77) |
(Decrease) in deferred rent |
(2,890) |
(2,574) |
(1,679) |
Increase (decrease) in other noncurrent
liabilities |
86 |
(28) |
(288) |
Net cash provided by operating
activities |
84,748 |
106,239 |
91,816 |
CASH FLOWS USED IN INVESTING
ACTIVITIES: |
|
|
|
Payments for capital expenditures |
(16,333) |
(29,352) |
(37,531) |
Proceeds from maturities of short-term
investments |
34,951 |
169,736 |
393,424 |
Payments to acquire short-term
investments |
(204,687) |
(189,789) |
(443,887) |
Net cash (used in) investing
activities |
(186,069) |
(49,405) |
(87,994) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Income tax benefit from stock
compensation plans |
65 |
1,300 |
1,883 |
Net proceeds from issuance of common
stock |
234 |
1,013 |
546 |
Fractional share payments |
— |
(21) |
— |
Net cash provided by financing
activities |
299 |
2,292 |
2,429 |
Net increase (decrease) in cash and cash
equivalents |
(101,022) |
59,126 |
6,251 |
CASH AND CASH EQUIVALENTS, beginning
of year |
122,875 |
21,853 |
80,979 |
CASH AND CASH EQUIVALENTS, end of
year |
$21,853 |
$80,979 |
$87,230 |
|
|
|
|
Note: The foregoing audited
Consolidated Statements of Cash Flows are excerpts from our
Consolidated Financial Statements for each of the three years ended
January 28, 2012 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 28, 2012 which was filed with the Securities and
Exchange Commission on March 28, 2012. |
CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead, Md.
David E. Ullman
EVP/CFO
410-239-5715
or Investor Relations Information Request Website
(http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=
irol-inforeq),
or Investor Relations Voicemail, 410-239-5900
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com
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