JoS. A. Bank Clothiers Provides Fiscal Year 2013 First Quarter Earnings Update
13 May 2013 - 8:00PM
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces that earnings
for the first quarter of fiscal year 2013 are expected to be
approximately $0.27 to $0.30 per diluted share, compared with $0.53
per diluted share in the first quarter of 2012. Actual results will
depend on, among other things, adjustments that may arise from the
normal quarter-end processing. The first quarter of fiscal year
2013 ended May 4, 2013; the first quarter of fiscal year 2012 ended
April 28, 2012.
Commenting on the earnings update, R. Neal Black, President and
CEO of JoS. A. Bank Clothiers, Inc. stated: "While we were able to
control our expenses and improve our advertising efficiency in the
quarter, our gross margin was down primarily due to higher
inventory sourcing costs and lower average selling prices due
mostly to increased percentage of sales of winter clearance
products. In addition, our sales declined approximately 3%,
primarily in April. Like many other retailers, we were also
affected by the unseasonably cool weather. On the positive side,
our Direct Marketing business, primarily on the Internet, continued
to perform well, with double-digit sales growth. The Company
continues to maintain a strong balance sheet and, despite the slow
start to the new year, the first quarter of fiscal year 2013 will
still be profitable."
"For the remainder of 2013, we will continue to focus on our
goal of returning to previous levels of gross margin rates and
advertising productivity. As such, we will continue to test,
evaluate and refine our merchandising and advertising offerings to
optimize the appeal to our customers. Additionally, starting
this spring, we have introduced new and more focused casual
assortments and additional slim-fit suit inventories responding to
customer demand," continued Mr. Black.
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 606 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,
Maryland, 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 February 2, 2013. 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.
CONTACT: JoS. A. Bank Clothiers, Inc.,
Hampstead, Maryland. |
David E. Ullman |
Executive Vice President/Chief Financial
Officer |
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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