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8-K - FORM 8-K FILING DOCUMENT - BANK JOS A CLOTHIERS INC /DE/document.htm

EXHIBIT 99.1

JoS. A. Bank Clothiers Reports 19% Increase in Profits for Third Quarter of Fiscal Year 2011

HAMPSTEAD, Md., Nov. 30, 2011 (GLOBE NEWSWIRE) -- JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces that net income for the third quarter of fiscal year 2011 increased 19.3% to $15.0 million as compared with net income of $12.6 million for the third quarter of fiscal year 2010. Earnings per share for the third quarter of fiscal year 2011 increased 20.0% to $0.54 per share as compared with earnings per share of $0.45 for the third quarter of fiscal year 2010. The third quarter of fiscal year 2011 ended October 29, 2011; the third quarter of fiscal year 2010 ended October 30, 2010.

Total sales for the third quarter of fiscal year 2011 increased 21.0% to $209.6 million from $173.3 million in the third quarter of fiscal year 2010, while comparable store sales increased 14.6% and Direct Marketing sales increased 28.6%.

Comparing the first nine months of fiscal year 2011 with the first nine months of fiscal year 2010, net income increased 18.9% to $53.3 million as compared to $44.9 million and earnings per share increased 18.6% to $1.91 per share as compared to $1.61 per share. Total sales for the first nine months of fiscal year 2011 increased 17.4% to $633.6 million from $539.8 million for the first nine months of fiscal year 2010, while comparable store sales increased 9.9% and Direct Marketing sales increased 26.1%.

"We are pleased to report another solid sales and earnings performance for the third quarter of fiscal year 2011 with sales growth of 21.0% and earnings growth of 19.3%. With this quarter's results, we have achieved earnings growth in 40 of the past 41 quarters when compared to the respective prior year periods, including 22 quarters in a row," stated R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "The fourth quarter, compared to a very strong performance last year, has started out more slowly than we had planned. November comparable store sales declined, while our direct segment sales increased, compared to the same period last year. As a result, we have adjusted our December merchandising and marketing plans for stores. We believe our efforts will be effective and appealing to our customers. Therefore we remain cautiously optimistic for the outcome of this year's fourth quarter," continued Mr. Black.

A conference call to discuss the third quarter of fiscal year 2011 earnings will be held Thursday, December 1, 2011 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1092 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 December 1, 2011 until December 8, 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 225849. 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 552 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 29, 2011 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 30,
2010
October 29,
2011
October 30,
2010
October 29,
2011
   (In thousands, except per share information)      
Net sales  $ 173,268  $209,635  $ 539,805  $633,567
Cost of goods sold 62,429 78,383 197,320 233,095
Gross profit 110,839 131,252 342,485 400,472
Operating expenses:        
Sales and marketing, including occupancy costs 73,961 86,917 218,228 253,889
General and administrative 16,421 20,118 50,332 58,731
Total operating expenses 90,382 107,035 268,560 312,620
Operating income 20,457 24,217 73,925 87,852
Other income (expense):        
Interest income 148 45 422 260
Interest expense (33) (290) (128) (311)
Total other income (expense) 115 (245) 294 (51)
Income before provision for income taxes 20,572 23,972 74,219 87,801
Provision for income taxes 8,009 8,990 29,369 34,455
Net income  $ 12,563  $ 14,982  $ 44,850  $ 53,346
Per share information:        
Earnings per share:        
Basic  $ 0.46  $ 0.54  $ 1.63  $ 1.92
Diluted  $ 0.45  $ 0.54  $ 1.61  $ 1.91
Weighted average shares outstanding:            
Basic 27,534 27,828 27,529 27,733
Diluted 27,849 27,972 27,831 27,953
         
Note: The foregoing unaudited Consolidated Statements of Income are excerpts from our unaudited Consolidated Financial Statements for the three and nine months ended October 30, 2010 and October 29, 2011 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 29, 2011 which was filed with the Securities and Exchange Commission on November 30, 2011.
     
     
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
     
  January 29, 2011 October 29, 2011
  (In Thousands)
  (Audited) (Unaudited)
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 80,979  $115,440
Short-term investments 189,789 124,626
Accounts receivable, net 9,525 12,789
Inventories:    
Finished goods 222,251 314,583
Raw materials 11,059 14,973
Total inventories 233,310 329,556
Prepaid expenses and other current assets 19,494 31,785
Total current assets 533,097 614,196
NONCURRENT ASSETS:    
Property, plant and equipment, net 128,603 146,056
Other noncurrent assets 337 313
Total assets  $ 662,037  $760,565
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 31,505  $ 63,990
Accrued expenses 88,165 93,816
Deferred tax liability – current 5,276 4,793
Total current liabilities 124,946 162,599
NONCURRENT LIABILITIES:    
Deferred rent 49,279 48,808
Deferred tax liability – noncurrent 4,147 7,771
Other noncurrent liabilities 989 896
Total liabilities 179,361 220,074
COMMITMENTS AND CONTINGENCIES    
STOCKHOLDERS' EQUITY:    
Common stock 275 277
Additional paid-in capital 86,792 91,259
Retained earnings 395,531 448,877
Accumulated other comprehensive income 78 78
Total stockholders' equity 482,676 540,491
Total liabilities and stockholders' equity  $ 662,037  $760,565
     
     
Note: The foregoing audited and unaudited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 29, 2011 and as of October 29, 2011) 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 29, 2011 and the Annual Report on Form 10-K for the fiscal year ended January 29, 2011, which were filed with the Securities and Exchange Commission on November 30, 2011 and March 30, 2011, respectively.
     
     
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
     
  Nine Months Ended
  October 30,
2010
October 29,
2011
  (In Thousands)  
Cash flows from operating activities:    
Net income  $ 44,850  $ 53,346
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 18,107 19,173
Loss on disposals of property, plant and equipment 150 221
Non-cash equity compensation 701 2,040
Increase in deferred taxes 455 3,141
Net (increase) in operating working capital and other components (59,194) (84,837)
Net cash provided by (used in) operating activities 5,069 (6,916)
Cash flows from investing activities:    
Capital expenditures (20,696) (26,215)
Proceeds from maturities of short-term investments 134,840 348,768
Payments to acquire short-term investments (44,850) (283,605)
Net cash provided by investing activities 69,294 38,948
Cash flows from financing activities:    
Income tax benefit from exercise of stock options 1,300 1,883
Net proceeds from exercise of stock options 1,012 546
Fractional share payments (21)
Net cash provided by financing activities 2,291 2,429
Net increase in cash and cash equivalents 76,654 34,461
Cash and cash equivalents – beginning of period 21,853 80,979
Cash and cash equivalents – end of period  $ 98,507  $115,440
     
     
Note: The foregoing unaudited Consolidated Statements of Cash Flows are excerpts from our unaudited Consolidated Financial Statements for the nine months ended October 30, 2010 and October 29, 2011 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 29, 2011, which was filed with the Securities and Exchange Commission on November 30, 2011.
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