JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces that net
income for the third quarter of fiscal year 2012 decreased 11.2% to
$13.3 million as compared with net income of $15.0 million for the
third quarter of fiscal year 2011. Diluted earnings per share for
the third quarter of fiscal year 2012 decreased 13.0% to $0.47 per
share as compared with diluted earnings per share of $0.54 for the
third quarter of fiscal year 2011. Total sales for the third
quarter of fiscal year 2012 increased 11.1% to $232.9 million from
$209.6 million in the third quarter of fiscal year 2011. Comparable
store sales increased 4.8% and Direct Marketing sales increased
25.8% in the third quarter of 2012.
Comparing the first nine months of fiscal year 2012 with the
first nine months of fiscal year 2011, net income declined 3.8% to
$51.3 million as compared with $53.3 million and diluted earnings
per share declined 4.2% to $1.83 per share as compared to $1.91 per
share. Total sales for the first nine months of fiscal year 2012
increased 9.6% to $694.5 million from $633.6 million for the first
nine months of fiscal year 2011, while comparable store sales
increased 3.5% and direct marketing sales increased 21.8%.
The third quarter of fiscal year 2012 ended October 27, 2012;
the third quarter of fiscal year 2011 ended October 29, 2011.
"We are pleased that we were able to deliver comparable store
sales growth and Direct Marketing segment sales growth during the
third quarter of fiscal year 2012. However, we are disappointed
that our net income declined versus the same period a year ago. We
had a decline in our operating income margin due to additional
markdowns and promotional activity which were needed to drive these
sales. Also, Hurricane Sandy, which hit along the East Coast where
the majority of our largest volume regions are located, negatively
impacted third quarter sales, particularly when we ran a big
promotion right at the end of the quarter," stated R. Neal Black,
President and CEO of JoS. A. Bank Clothiers, Inc. "The hurricane,
along with the distractions of the national election, continued to
have a negative impact in the first weeks of November. In November,
for the start of the fourth quarter, comparable store sales were
down. With the critical month of December still ahead of us, and
continued pressure on margins, we remain cautious for the outcome
of the fourth quarter," continued Mr. Black.
A conference call to discuss the third quarter of fiscal
year 2012 earnings will be held Thursday, November 29, 2012 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 November 29, 2012 until December 6,
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 270157. In addition, a webcast replay of the conference call
will be posted on the investor relations section of our website:
www.josbank.com.
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 599 stores in 44 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, but not limited to, those described under
"Risk Factors" in our Annual Report on Form 10-K for the year ended
January 28, 2012 and our subsequent Quarterly Reports on Form
10-Q filed through the date hereof. 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. AND SUBSIDIARIES |
Condensed Consolidated
Statements of Income |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
October 29,
2011 |
October 27,
2012 |
October 29,
2011 |
October 27,
2012 |
|
(In thousands, except
per share information) |
Net sales |
$ 209,635 |
$ 232,851 |
$ 633,567 |
$ 694,548 |
Cost of goods sold |
78,383 |
100,205 |
233,095 |
281,255 |
Gross profit |
131,252 |
132,646 |
400,472 |
413,293 |
Operating expenses: |
|
|
|
|
Sales and marketing, including occupancy
costs |
86,917 |
94,354 |
253,889 |
276,306 |
General and administrative |
20,118 |
17,124 |
58,731 |
54,295 |
Total operating expenses |
107,035 |
111,478 |
312,620 |
330,601 |
Operating income |
24,217 |
21,168 |
87,852 |
82,692 |
Other income (expense): |
|
|
|
|
Interest income |
45 |
117 |
260 |
286 |
Interest expense |
(290) |
(4) |
(311) |
(21) |
Total other income (expense) |
(245) |
113 |
(51) |
265 |
Income before provision for income taxes |
23,972 |
21,281 |
87,801 |
82,957 |
Provision for income taxes |
8,990 |
7,976 |
34,455 |
31,662 |
Net income |
$ 14,982 |
$ 13,305 |
$ 53,346 |
$ 51,295 |
Per share information: |
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.54 |
$ 0.48 |
$ 1.92 |
$ 1.84 |
Diluted |
$ 0.54 |
$ 0.47 |
$ 1.91 |
$ 1.83 |
Weighted average shares outstanding: |
|
|
|
|
Basic |
27,828 |
27,933 |
27,733 |
27,883 |
Diluted |
27,972 |
28,017 |
27,953 |
28,005 |
Note: The foregoing unaudited Consolidated Statements of Income
are excerpts from our unaudited Consolidated Financial Statements
for the three and nine months ended October 29, 2011 and
October 27, 2012 and do not include the Notes, which are
considered 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 27, 2012 which was filed with the Securities and
Exchange Commission on November 28, 2012.
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Balance Sheets |
|
|
January 28,
2012 |
October 27,
2012 |
|
(In
thousands) |
|
(Audited) |
(Unaudited) |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 87,230 |
$ 28,932 |
Short-term investments |
240,252 |
246,485 |
Accounts receivable, net |
15,906 |
17,869 |
Inventories: |
|
|
Finished goods |
288,182 |
366,415 |
Raw materials |
16,473 |
13,210 |
Total inventories |
304,655 |
379,625 |
Prepaid expenses and other current
assets |
20,886 |
30,492 |
Total current assets |
668,929 |
703,403 |
NONCURRENT ASSETS: |
|
|
Property, plant and equipment, net |
144,392 |
152,033 |
Other noncurrent assets |
291 |
289 |
Total assets |
$ 813,612 |
$
855,725 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 66,664 |
$ 53,019 |
Accrued expenses |
92,937 |
97,564 |
Deferred tax liability — current |
8,479 |
8,472 |
Total current liabilities |
168,080 |
159,055 |
NONCURRENT LIABILITIES: |
|
|
Deferred rent |
47,600 |
46,158 |
Deferred tax liability — noncurrent |
11,973 |
11,065 |
Other noncurrent liabilities |
1,025 |
1,536 |
Total liabilities |
228,678 |
217,814 |
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Common stock |
277 |
278 |
Additional paid-in capital |
91,766 |
93,447 |
Retained earnings |
493,022 |
544,317 |
Accumulated other comprehensive income
(loss) |
(131) |
(131) |
Total stockholders' equity |
584,934 |
637,911 |
Total liabilities and stockholders'
equity |
$ 813,612 |
$
855,725 |
Note: The foregoing audited and unaudited Consolidated Balance
Sheets are excerpts from our Consolidated Financial Statements (as
of January 28, 2012 and as of October 27, 2012) 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 27, 2012 and the Annual Report on Form
10-K for the fiscal year ended January 28, 2012, which were
filed with the Securities and Exchange Commission on
November 28, 2012 and March 28, 2012, respectively.
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
Nine Months
Ended |
|
October 29,
2011 |
October 27,
2012 |
|
(In
thousands) |
Cash flows from operating activities: |
|
|
Net income |
$ 53,346 |
$ 51,295 |
Adjustments to reconcile net income to net
cash (used in) operating activities: |
|
|
Depreciation and amortization |
19,173 |
20,910 |
Loss on disposals of property, plant and
equipment |
221 |
207 |
Non-cash equity compensation |
2,040 |
1,688 |
Increase (decrease) in deferred
taxes |
3,141 |
(915) |
Net (increase) in operating working
capital and other components |
(84,837) |
(102,821) |
Net cash (used in) operating
activities |
(6,916) |
(29,636) |
Cash flows from investing activities: |
|
|
Capital expenditures |
(26,215) |
(22,423) |
Proceeds from maturities of short-term
investments |
348,768 |
352,522 |
Payments to acquire short-term
investments |
(283,605) |
(358,755) |
Net cash provided by (used in)
investing activities |
38,948 |
(28,656) |
Cash flows from financing activities: |
|
|
Income tax benefit from equity
compensation plans |
1,883 |
72 |
Net proceeds from issuance of common
stock |
546 |
556 |
Tax payments related to equity
compensation plans |
— |
(634) |
Net cash provided by (used in)
financing activities |
2,429 |
(6) |
Net increase (decrease) in cash and cash
equivalents |
34,461 |
(58,298) |
Cash and cash equivalents — beginning of
period |
80,979 |
87,230 |
Cash and cash equivalents — end of
period |
$ 115,440 |
$
28,932 |
Note: The foregoing unaudited Consolidated Statements of Cash
Flows are excerpts from our unaudited Consolidated Financial
Statements for the nine months ended October 29, 2011 and
October 27, 2012 and do not include the Notes, which are
considered 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 27, 2012, which was filed with the Securities
and Exchange Commission on November 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-IRHome)
or Investor Relations Voicemail, 410-239-5900
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com
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