JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market: JOSB)
announces that net income for the first quarter of fiscal year 2011
increased 12.7% to $17.8 million as compared with net income of
$15.8 million for the first quarter of fiscal year 2010. Earnings
per share for the first quarter of fiscal year 2011 increased 12.3%
to $0.64 per share as compared with earnings per share of $0.57 for
the first quarter of fiscal year 2010. The first quarter of fiscal
year 2011 ended April 30, 2011; the first quarter of fiscal year
2010 ended May 1, 2010.
Total sales for the first quarter of fiscal year 2011 increased
8.5% to $193.3 million from $178.1 million in the first quarter of
fiscal year 2010, while comparable store sales increased 0.1% in
the first quarter of fiscal year 2011 compared to a 10.4% increase
in the first quarter of fiscal year 2010. Direct Marketing sales
increased 22.1% for the first quarter of fiscal 2011.
“We are pleased with our first quarter of 2011, particularly the
gross profit margin, which grew by 120 basis points and resulted in
a gross profit dollar increase of 10.6%. We faced very strong
results from the first quarter of 2010 and had good sales gains in
the first quarter of fiscal year 2011 in the suits and dress shirts
categories, while our sales declined in certain seasonal products
such as sportswear,” stated R. Neal Black, President and CEO of
JoS. A. Bank Clothiers, Inc. "With this quarter’s results, we have
achieved earnings growth in 38 of the past 39 quarters when
compared to the respective prior year periods, including 20
quarters in a row. While sales are just one component of the
overall profit, we are also pleased that so far for the second
quarter our comparable store sales are up compared to the same
period last year, which is a good improvement in the most recent
comparable store sales trend. Our Internet business remains very
strong,” continued Mr. Black.
A conference call to discuss the first quarter of fiscal year
2011 earnings will be held Thursday, June 2, 2011 at 11:00 a.m.
Eastern Time (ET). To join in the call please dial (USA)
800-288-8961 or (International) 612-288-0329 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 June 2, 2011 until June 9, 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 205966.
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 520 stores in 42 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, 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 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 Report 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 May 1, 2010
April 30, 2011 (In thousands, except per share
information) Net sales $ 178,125
$ 193,270
Cost of goods sold 64,809
67,957
Gross profit 113,316
125,313 Operating expenses: Sales and
marketing, including occupancy costs 70,519
78,852 General
and administrative 16,736
17,424
Total operating expenses 87,255
96,276
Operating income 26,061
29,037 Other
income (expense): Interest income 115
132 Interest expense
(90 )
(3 ) Total other income (expense)
25
129 Income before
provision for income taxes 26,086
29,166 Provision for
income taxes 10,278
11,356
Net income $ 15,808
$ 17,810
Per share information: Earnings per share: Basic $ 0.57
$ 0.64 Diluted $ 0.57
$ 0.64 Weighted
average shares outstanding: Basic 27,527
27,622 Diluted
27,818
27,928
Note: The foregoing unaudited Consolidated Statements of Income
are excerpts from our unaudited Consolidated Financial Statements
for the three months ended May 1, 2010 and April 30, 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 April 30, 2011 which was filed
with the Securities and Exchange Commission on June 1, 2011.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
January 29, 2011 April 30, 2011 (In Thousands)
(Audited) (Unaudited) ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 80,979
$ 83,465
Short-term investments 189,789
168,954 Accounts receivable,
net 9,525
14,449 Inventories: Finished goods 222,251
245,771 Raw materials 11,059
16,107
Total inventories 233,310
261,878 Prepaid expenses and other
current assets 19,494
23,667 Total
current assets 533,097
552,413 NONCURRENT ASSETS:
Property, plant and equipment, net 128,603
132,224 Other
noncurrent assets 337
310 Total assets $
662,037
$ 684,947 LIABILITIES AND
STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts
payable $ 31,505
$ 46,755 Accrued expenses 88,165
76,370 Deferred tax liability – current 5,276
5,301 Total current liabilities 124,946
128,426
NONCURRENT LIABILITIES: Deferred rent 49,279
49,754
Deferred tax liability – noncurrent 4,147
4,540 Other
noncurrent liabilities 989
1,055 Total
liabilities 179,361
183,775 COMMITMENTS
AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Common stock 275
275 Additional paid-in capital 86,792
87,478 Retained
earnings 395,531
413,341 Accumulated other comprehensive
income 78
78 Total stockholders’ equity
482,676
501,172 Total liabilities and stockholders’
equity $ 662,037
$ 684,947
Note: The foregoing audited and unaudited Consolidated Balance
Sheets are excerpts from our Consolidated Financial Statements (as
of January 29, 2011 and as of April 30, 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 April 30, 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 June 1, 2011 and March 30,
2011, respectively.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended May 1, 2010
April 30, 2011 (In Thousands) Cash flows from
operating activities: Net income $ 15,808
$ 17,810
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization 5,856
6,246 Loss on disposals
of property, plant and equipment 23
61 Non-cash equity
compensation -
558 Increase (decrease) in deferred taxes
(813 )
418 Net (increase) in operating working capital and
other components (22,147 )
(37,978 )
Net cash provided by (used in) operating activities
(1,273 )
(12,885 ) Cash flows
from investing activities: Capital expenditures (3,978 )
(5,592 )
Proceeds from maturities of short-term
investments
64,922
179,814 Payments to acquire short-term investments
(34,875 )
(158,979 ) Net cash
provided by (used in) investing activities 26,069
15,243 Cash flows from financing
activities: Income tax benefit from exercise of stock options -
61 Net proceeds from exercise of stock options -
67 Net cash provided by
financing activities -
128
Net increase in cash and cash equivalents
24,796
2,486
Cash and cash equivalents – beginning of period
21,853
80,979 Cash and
cash equivalents – end of period $ 46,649
$
83,465
Note: The foregoing unaudited Consolidated Statements of Cash
Flows are excerpts from our unaudited Consolidated Financial
Statements for the three months ended May 1, 2010 and April 30,
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 April 30, 2011, which was filed
with the Securities and Exchange Commission on June 1, 2011.
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