JoS. A. Bank Provides Earnings Update for Q3 of Fiscal Year 2013
12 November 2013 - 10:00PM
Company Projects Adjusted EPS Percentage
Increase of Mid to High Single Digits Excluding Transaction-Related
Expenses
Sales and Gross Profit Margin
Increase
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) today announced that
adjusted earnings are projected to increase to approximately $.49
to $.51 per diluted share, excluding the expense of legal and other
professional services related to the Company's acquisition proposal
for The Men's Wearhouse, Inc. of approximately $.02 to $.03 per
diluted share. The adjusted earnings per diluted share would
represent a gain of approximately 4%-9% over the $.47 per diluted
share reported in the year-ago third quarter. GAAP earnings for the
third quarter of fiscal year 2013 are expected to be approximately
$.47 to $.49 per diluted share, including the transaction-related
expenses.
The Company noted that actual results will depend on, among
other things, adjustments that may arise from the normal
quarter-end processing. The Company is scheduled to announce its
third quarter financial results pre-market opening on December 5,
2013, followed by a conference call to discuss the results at 11:00
a.m. (EST) that morning. The third quarter of fiscal year 2013
ended November 2, 2013; the third quarter of fiscal year 2012 ended
October 27, 2012.
"Our projected performance in the third quarter, which was
somewhat affected by the government shutdown, marks a continuation
of the positive trends we had seen at the end of the second
quarter. Specifically, we project total sales to be up in the mid
single digits, comparable store sales to be roughly flat, and sales
in the direct business to be up in the double digits. Additionally,
combined comparable store and Internet sales were up in the low
single digits. We also expect to report a slight increase in our
gross profit margin rate in the third quarter, which would
represent the second consecutive quarterly increase," said R. Neal
Black, President and CEO of JoS. A. Bank. "We believe we are
realizing the benefits of the implementation of our new promotional
marketing strategies, which we have been adjusting in recent
quarters. These changes have positively impacted our marketing
efficiency, which has improved again in the third quarter.
Additionally, the non-promotional portion of our business continues
to perform well, with ongoing increases in sales."
Mr. Black continued, "Looking ahead, we are highly focused on
continuing to improve our sales trend. We feel confident that the
strategies we have in place will enable us to show continued
improvement and to further strengthen our brand and best position
it for the future."
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,
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 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.
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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