JoS. A. Bank Clothiers Reports Results for Third Quarter of Fiscal Year 2013
05 Décembre 2013 - 12:00PM
Q3 Adjusted EPS Increases 9%, at Top End
of Pre-Announced Range
November Sales Increased in All
Channels
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces that adjusted
earnings per diluted share were $0.51 for the third quarter of
fiscal 2013, excluding approximately $1.2 million of legal and
professional expenses incurred in connection with the Company's
acquisition proposal for The Men's Wearhouse, Inc. The third
quarter results represent a 9% increase compared to diluted
earnings of $0.47 per share for the third quarter of fiscal year
2012 and are at the top end of the projected EPS range previously
announced by the Company. GAAP earnings for the third quarter of
fiscal year 2013 were $0.49 per diluted share (including the $1.2
million of legal and professional expenses), also at the top end of
the previously announced range. GAAP net income for the third
quarter of fiscal year 2013 was $13.6 million as compared to net
income of $13.3 million for the third quarter of fiscal year
2012.
Total sales for the third quarter of fiscal year 2013 increased
6.3% to $247.5 million from $232.9 million in the third quarter of
fiscal year 2012. Comparable store sales decreased 0.1% and Direct
Marketing sales increased 23.5% in the third quarter of 2013 as
compared to the third quarter of 2012. Combined comparable store
and Internet sales for the third quarter of fiscal year 2013
increased 2.4% when compared to the third quarter of fiscal year
2012.
R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc.
stated: "Our performance in the third quarter is a strong
indication that we are taking the right actions to improve both our
top and bottom lines. In particular, the customer is responding
well to the changes we are making in the promotional side of our
business and our non-promotional business continues to grow
strongly. This was evident in our improving sales trend, both in
stores and online, as well as in our marketing efficiency and the
40 basis point increase in our gross profit margin rate in the
third quarter, which represents our second consecutive quarterly
increase."
Mr. Black continued, "For the start of the fourth quarter our
total sales, comparable store sales and Direct sales all increased
during the fiscal month of November 2013 as compared to the same
period of 2012. That said, we recognize that the pivotal month of
December is still ahead of us and, across our organization, we are
highly focused on continuing to improve our sales trend. Taken
together, we are pleased that our strategies are resonating with
our customers and we look forward to taking advantage of the
opportunities to grow both our stores and online businesses and
delivering improved results in the future."
Comparing the first nine months of fiscal year 2013 to the first
nine months of fiscal year 2012, GAAP diluted earnings were $1.28
per share as compared to $1.83 per share and net income was $36.0
million as compared to $51.3 million. Total sales for the first
nine months of fiscal year 2013 decreased 2.7% to $676.1 million
from $694.5 million for the first nine months of fiscal year 2012,
while comparable store sales decreased 8.5% and Direct Marketing
sales increased 10.5%. Combined comparable store and Internet sales
for the first nine months of fiscal year 2013 decreased 6.4% when
compared to the first nine months of fiscal year 2012.
The third quarter of fiscal year 2013 ended November 2, 2013;
the third quarter of fiscal year 2012 ended October 27, 2012.
This press release includes a non-GAAP measure of diluted
earnings per share because we believe that presentation of adjusted
earnings per diluted share provides useful information to investors
as it is more indicative of the Company's operations.
A conference call to discuss third quarter results (including a
live question and answer session) will be held Thursday, December
5, 2013, at 11:00 a.m. Eastern Time (ET). To join in the call,
please dial (USA) 800-230-1059 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 December 5, 2013,
until December 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 308076. 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 629 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 domestic and international economic activity and
inflation, 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) and other production inputs
(such as labor costs), 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" and/or "Management's Discussion and Analysis of
Financial Condition and Results of Operations" 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 |
Nine Months
Ended |
|
October 27,
2012 |
November 2,
2013 |
October 27,
2012 |
November 2,
2013 |
|
(In thousands, except
per share information) |
(In thousands, except
per share information) |
Net sales |
$ 232,851 |
$ 247,468 |
$ 694,548 |
$ 676,052 |
Cost of goods sold |
100,205 |
105,360 |
281,255 |
277,394 |
Gross profit |
132,646 |
142,108 |
413,293 |
398,658 |
Operating expenses: |
|
|
|
|
Sales and marketing, including
occupancy costs |
94,354 |
101,273 |
276,306 |
286,599 |
General and administrative |
17,124 |
19,277 |
54,295 |
54,420 |
Total operating expenses |
111,478 |
120,550 |
330,601 |
341,019 |
Operating income |
21,168 |
21,558 |
82,692 |
57,639 |
Other income (expense): |
|
|
|
|
Interest income |
117 |
69 |
286 |
335 |
Interest expense |
(4) |
(5) |
(21) |
(14) |
Total other income (expense) |
113 |
64 |
265 |
321 |
Income before provision for income taxes |
21,281 |
21,622 |
82,957 |
57,960 |
Provision for income taxes |
7,976 |
8,006 |
31,662 |
22,007 |
Net income |
$ 13,305 |
$ 13,616 |
$ 51,295 |
$ 35,953 |
Per share information: |
|
|
|
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.48 |
$ 0.49 |
$ 1.84 |
$ 1.29 |
Diluted |
$ 0.47 |
$ 0.49 |
$ 1.83 |
$ 1.28 |
Weighted average shares outstanding: |
|
|
|
|
Basic |
27,933 |
27,988 |
27,883 |
27,978 |
Diluted |
28,017 |
28,054 |
28,005 |
28,050 |
|
|
|
|
|
Note: The foregoing unaudited
Consolidated Statements of Income are excerpts from our unaudited
Consolidated Financial Statements for the three and nine months
ended October 27, 2012 and November 2, 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 November 2, 2013, which was filed
with the Securities and Exchange Commission on December 5,
2013. |
|
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Balance Sheets |
(Unaudited) |
|
|
|
|
February 2,
2013 |
November 2,
2013 |
|
(In
thousands) |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 71,288 |
$ 85,023 |
Short-term investments |
305,833 |
254,922 |
Accounts receivable, net |
10,644 |
17,238 |
Inventories: |
|
|
Finished goods |
317,635 |
358,569 |
Raw materials |
12,867 |
10,056 |
Total inventories |
330,502 |
368,625 |
Prepaid expenses and other
current assets |
23,922 |
26,069 |
Total current assets |
742,189 |
751,877 |
NONCURRENT ASSETS: |
|
|
Property, plant and equipment,
net |
152,360 |
155,403 |
Other noncurrent assets |
298 |
301 |
Total assets |
$ 894,847 |
$ 907,581 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 53,782 |
$ 40,572 |
Accrued expenses |
104,639 |
97,035 |
Deferred tax liability —
current |
11,928 |
11,848 |
Total current liabilities |
170,349 |
149,455 |
NONCURRENT LIABILITIES: |
|
|
Deferred rent |
45,531 |
43,178 |
Deferred tax liability —
noncurrent |
9,791 |
9,189 |
Other noncurrent
liabilities |
1,613 |
1,514 |
Total liabilities |
227,284 |
203,336 |
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred Stock |
— |
— |
Common stock |
279 |
279 |
Additional paid-in capital |
94,757 |
95,487 |
Retained earnings |
572,718 |
608,670 |
Accumulated other comprehensive
income (loss) |
(191) |
(191) |
Total stockholders' equity |
667,563 |
704,245 |
Total liabilities and
stockholders' equity |
$ 894,847 |
$ 907,581 |
|
|
|
Note: The foregoing unaudited
Consolidated Balance Sheets are excerpts from our Consolidated
Financial Statements (as of February 2, 2013 and as of
November 2, 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 November 2, 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 December 5, 2013 and April 3, 2013,
respectively. |
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
|
|
Nine Months
Ended |
|
October 27,
2012 |
November 2,
2013 |
|
(In
thousands) |
Cash flows from operating activities: |
|
|
Net income |
$ 51,295 |
$ 35,953 |
Adjustments to reconcile net income to net
cash (used in) operating activities: |
|
|
Depreciation and
amortization |
20,910 |
22,132 |
Loss on disposals of property,
plant and equipment |
207 |
201 |
Non-cash equity
compensation |
1,688 |
1,260 |
Increase (decrease) in deferred
taxes |
(915) |
(682) |
Net (increase) in
operating working capital and other components |
(102,821) |
(73,391) |
Net cash (used in)
operating activities |
(29,636) |
(14,527) |
Cash flows from investing activities: |
|
|
Capital expenditures |
(22,423) |
(22,118) |
Proceeds from maturities of
short-term investments |
352,522 |
430,767 |
Payments to acquire short-term
investments |
(358,755) |
(379,856) |
Net cash provided by
investing activities |
(28,656) |
28,793 |
Cash flows from financing activities: |
|
|
Income tax benefit (detriment)
from equity compensation plans |
72 |
(40) |
Net proceeds from issuance of
common stock |
556 |
— |
Tax payments related to equity
compensation plans |
(634) |
(491) |
Net cash (used in)
financing activities |
(6) |
(531) |
Net (decrease) in cash and cash
equivalents |
(58,298) |
13,735 |
Cash and cash equivalents — beginning of
period |
87,230 |
71,288 |
Cash and cash equivalents — end of
period |
$ 28,932 |
$ 85,023 |
|
|
|
Note: The foregoing unaudited
Consolidated Statements of Cash Flows are excerpts from our
unaudited Consolidated Financial Statements for the nine months
ended October 27, 2012 and November 2, 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 November 2, 2013, which
was filed with the Securities and Exchange Commission on
December 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
Jos. A. Bank Clothiers (NASDAQ:JOSB)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Jos. A. Bank Clothiers (NASDAQ:JOSB)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024