JoS. A. Bank Clothiers Reports Second Quarter of Fiscal Year 2013 Results
05 Septembre 2013 - 12:00PM
Sales Down but Gross Margin Rate Up;
Looking Forward to Better Results
Q2 EPS Within Range Previously Announced
by Company
August Sales Have Increased
JoS. A. Bank Clothiers, Inc.(Nasdaq:JOSB) announces that net income
for the second quarter of fiscal year 2013 was $14.2 million as
compared with net income of $23.2 million for the second quarter of
fiscal year 2012. Diluted earnings for the second quarter of fiscal
year 2013 were $0.51 per share as compared with diluted earnings of
$0.83 per share for the second quarter of fiscal year 2012, which
is within the expected EPS range of $0.49 to $0.53 per diluted
share previously announced by the Company.
Commenting on the earnings for the second quarter, R. Neal
Black, President and CEO of JoS. A. Bank Clothiers, Inc. stated:
"While our total Sales declined in the second quarter of fiscal
2013, we achieved stability in our gross profit margin rate.
Specifically, our gross profit margin rate increased in both the
fiscal months of June and July and the overall rate for the second
quarter increased approximately 40 basis points from last year.
Customers did not respond as well to some of our highly promotional
marketing campaigns as they did in the prior year, causing the
disappointing sales decline in the quarter. At the same time, day
to day sales on the non-promotional portion of our business in
stores increased during the quarter and have the potential to
represent a larger portion of our business going forward. As we
implemented new marketing strategies, we were conservative with our
marketing expenditures which enabled us to continue to improve our
marketing efficiency during the quarter."
"For the start of the third quarter, our total sales, comparable
store sales and Direct sales have all increased during the fiscal
month of August 2013 as compared to the same period of 2012, so the
third quarter is off to a good start, but it is still early in the
quarter. The August 2013 sales increase comes on top of a
double-digit sales increase in August 2012. With the gross margin
trend turning up in the second quarter and the sales trend turning
up in August, our declines may have bottomed out. We are highly
focused on improving our sales trend, and further improving both
our gross profit margin rate and our marketing efficiency over the
remainder of fiscal year 2013, with the overall goal of returning
to previous years' levels. We will continue to modify and implement
new marketing events and the related media placement to maintain
efficiency and to drive sales. We will begin to annualize our
declining sales and gross margin trends during the third quarter
and for all of the fourth quarter, which means our opportunity for
improvement is significant during those periods," continued Mr.
Black.
Total sales for the second quarter of fiscal year 2013 decreased
10.7% to $232.5 million from $260.3 million in the second quarter
of fiscal year 2012. Comparable store sales decreased 15.9% and
Direct Marketing sales decreased 1.9% in the second quarter of 2013
as compared with the second quarter of 2012. Combined comparable
store and Internet sales for the second quarter of fiscal year 2013
decreased 15.5% when compared to the second quarter of fiscal year
2012.
Comparing the first six months of fiscal year 2013 with the
first six months of fiscal year 2012, net income was $22.3 million
as compared with $38.0 million and diluted earnings per share was
$0.80 per share as compared to $1.36 per share. Total sales for the
first six months of fiscal year 2013 decreased 7.2% to $428.6
million from $461.7 million for the first six months of fiscal year
2012, while comparable store sales decreased 12.7% and direct
marketing sales increased 3.9%. Combined comparable store and
Internet sales for the first six months of fiscal year 2013
decreased 11.9% when compared to the first six months of fiscal
year 2012.
The second quarter of fiscal year 2013 ended August 3, 2013; the
second quarter of fiscal year 2012 ended July 28, 2012.
A conference call to discuss the second quarter of fiscal year
2013 earnings will be held Thursday, September 5, 2013 at 11:00
a.m. Eastern Time (ET). It will include a live question-and-answer
session. 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 September 5, 2013 until September 12, 2013 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
297855. 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 617 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 the economy, 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 February 2, 2013 and our 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. Interim period sales are not necessarily
indicative of sales expected for the full quarter. Furthermore,
sales are just one component of earnings and no projection of
earnings should be inferred from any discussion of interim period
sales or other information in this release. 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 |
Six Months
Ended |
|
July 28,
2012 |
August 3,
2013 |
July 28,
2012 |
August 3,
2013 |
|
(In thousands, except
per share information) |
(In thousands, except
per share information) |
Net sales |
$ 260,343 |
$ 232,529 |
$ 461,697 |
$ 428,584 |
Cost of goods sold |
107,457 |
95,165 |
181,050 |
172,034 |
Gross profit |
152,886 |
137,364 |
280,647 |
256,550 |
Operating expenses: |
|
|
|
|
Sales and marketing, including occupancy
costs |
96,190 |
96,625 |
181,952 |
185,326 |
General and administrative |
19,580 |
17,611 |
37,171 |
35,143 |
Total operating expenses |
115,770 |
114,236 |
219,123 |
220,469 |
Operating income |
37,116 |
23,128 |
61,524 |
36,081 |
Other income (expense): |
|
|
|
|
Interest income |
101 |
95 |
169 |
266 |
Interest expense |
(5) |
(4) |
(17) |
(9) |
Total other income (expense) |
96 |
91 |
152 |
257 |
Income before provision for income taxes |
37,212 |
23,219 |
61,676 |
36,338 |
Provision for income taxes |
14,054 |
8,970 |
23,686 |
14,001 |
Net income |
$ 23,158 |
$ 14,249 |
$ 37,990 |
$ 22,337 |
Per share information: |
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.83 |
$ 0.51 |
$ 1.36 |
$ 0.80 |
Diluted |
$ 0.83 |
$ 0.51 |
$ 1.36 |
$ 0.80 |
Weighted average shares outstanding: |
|
|
|
|
Basic |
27,885 |
27,981 |
27,858 |
27,973 |
Diluted |
28,004 |
28,050 |
28,000 |
28,049 |
|
|
|
|
|
Note: The foregoing unaudited
Consolidated Statements of Income are excerpts from our unaudited
Consolidated Financial Statements for the three and six months
ended July 28, 2012 and August 3, 2013 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 August 3, 2013, which was filed
with the Securities and Exchange Commission on September 5,
2013. |
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Balance Sheets |
(Unaudited) |
|
|
|
|
February 2,
2013 |
August 3,
2013 |
|
(In
thousands) |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 71,288 |
$ 43,305 |
Short-term investments |
305,833 |
289,873 |
Accounts receivable, net |
10,644 |
18,031 |
Inventories: |
|
|
Finished goods |
317,635 |
350,266 |
Raw materials |
12,867 |
14,326 |
Total inventories |
330,502 |
364,592 |
Prepaid expenses and other current
assets |
23,922 |
22,038 |
Total current assets |
742,189 |
737,839 |
NONCURRENT ASSETS: |
|
|
Property, plant and equipment, net |
152,360 |
155,780 |
Other noncurrent assets |
298 |
295 |
Total assets |
$ 894,847 |
$ 893,914 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 53,782 |
$ 40,434 |
Accrued expenses |
104,639 |
97,795 |
Deferred tax liability — current |
11,928 |
11,920 |
Total current liabilities |
170,349 |
150,149 |
NONCURRENT LIABILITIES: |
|
|
Deferred rent |
45,531 |
43,026 |
Deferred tax liability — noncurrent |
9,791 |
8,747 |
Other noncurrent liabilities |
1,613 |
1,696 |
Total liabilities |
227,284 |
203,618 |
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred Stock |
— |
— |
Common stock |
279 |
279 |
Additional paid-in capital |
94,757 |
95,153 |
Retained earnings |
572,718 |
595,055 |
Accumulated other comprehensive income
(loss) |
(191) |
(191) |
Total stockholders' equity |
667,563 |
690,296 |
Total liabilities and stockholders'
equity |
$ 894,847 |
$ 893,914 |
|
|
|
Note: The foregoing unaudited
Consolidated Balance Sheets are excerpts from our Consolidated
Financial Statements (as of February 2, 2013 and as of
August 3, 2013) 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 August 3, 2013 and
the Annual Report on Form 10-K for the fiscal year ended
February 2, 2013, which were filed with the Securities and
Exchange Commission on September 5, 2013 and April 3, 2013,
respectively. |
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
|
|
Six Months
Ended |
|
July 28,
2012 |
August 3,
2013 |
|
(In
thousands) |
Cash flows from operating activities: |
|
|
Net income |
$ 37,990 |
$ 22,337 |
Adjustments to reconcile net income to net
cash (used in) operating activities: |
|
|
Depreciation and amortization |
13,746 |
14,666 |
Loss on disposals of property, plant and
equipment |
119 |
155 |
Non-cash equity compensation |
1,434 |
927 |
Increase (decrease) in deferred
taxes |
(783) |
(1,052) |
Net (increase) in operating working
capital and other components |
(75,802) |
(68,414) |
Net cash (used in) operating
activities |
(23,296) |
(31,381) |
Cash flows from investing activities: |
|
|
Capital expenditures |
(11,830) |
(12,031) |
Proceeds from maturities of short-term
investments |
246,580 |
305,833 |
Payments to acquire short-term
investments |
(239,837) |
(289,873) |
Net cash provided by investing
activities |
(5,087) |
3,929 |
Cash flows from financing activities: |
|
|
Income tax benefit from equity
compensation plans |
6 |
(40) |
Net proceeds from issuance of common
stock |
479 |
— |
Tax payments related to equity
compensation plans |
(634) |
(491) |
Net cash (used in) financing
activities |
(149) |
(531) |
Net (decrease) in cash and cash
equivalents |
(28,532) |
(27,983) |
Cash and cash equivalents — beginning of
period |
87,230 |
71,288 |
Cash and cash equivalents — end of
period |
$ 58,698 |
$ 43,305 |
|
|
|
Note: The foregoing unaudited
Consolidated Statements of Cash Flows are excerpts from our
unaudited Consolidated Financial Statements for the six months
ended July 28, 2012 and August 3, 2013 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 August 3, 2013, which was filed
with the Securities and Exchange Commission on September 5,
2013. |
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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