JoS. A. Bank Clothiers Reports 32% Increase in Third Quarter Earnings Per Share; Company to Hold Conference Call on December ...

  
    
  
  
    
      JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) 
      announces that earnings for the third quarter of fiscal year 2008 
      increased 32% to $0.50 per share, as compared to $0.38 per share for the 
      third quarter of fiscal year 2007. Net income in the third quarter of 
      fiscal year 2008 was $9.3 million, as compared to $7.1 million in the 
      third quarter of fiscal year 2007. Total sales for the third quarter of 
      fiscal year 2008 increased 13.7% to $149.3 million from $131.3 million 
      in the third quarter of fiscal year 2007, while comparable store sales 
      increased 7.0% and Direct Marketing sales decreased 11.4%. The third 
      quarter of fiscal year 2008 ended November 1, 2008; the third quarter of 
      fiscal year 2007 ended November 3, 2007.
    
    
      Comparing the first nine months of fiscal year 2008 with the first nine 
      months of fiscal year 2007, earnings increased 19% to $1.52 per share, 
      as compared to $1.28 per share and net income increased to $28.0 
      million, as compared to $23.7 million. Total sales for the first nine 
      months of fiscal year 2008 increased 13.2% to $447.4 million from $395.1 
      million for the first nine months of fiscal year 2007 while comparable 
      store sales increased 6.8% and Direct Marketing sales decreased 0.4%.
    
    
      A conference call to discuss fiscal year 2008 third quarter earnings 
      will be held Thursday, December 4, 2008 at 11:00 a.m. Eastern Time (ET). 
      To join in the call please dial (USA) 866-835-8905 or (International) 
      703-639-1412 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 4, 2008 
      until December 11, 2008 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 
      972788. 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.
    
    
      JoS. A. Bank Clothiers, Inc., established in 1905, is one of the 
      nation's leading retailers of men's classically-styled tailored and 
      casual clothing, sportswear, footwear and accessories. The Company sells 
      its full product line through 462 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."
    
    
      The Company's 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 forecast due to a variety of factors outside of 
      the Company's control that can affect the Company's 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 the Company's growth strategy including the 
      ability of the Company to finance its 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 the Company's marketing programs, the availability of 
      suitable lease sites for new stores, doing business on an international 
      basis, the ability to source product from its global supplier base, 
      litigations and other competitive factors. Other factors and risks that 
      may affect the Company’s business or future financial results are 
      detailed in the Company’s filings with the Securities and Exchange 
      Commission, including the Company's Annual Report on Form 10-K for the 
      year ended February 2, 2008 and the Company's subsequent Quarterly 
      Reports on Form 10-Q filed through the date hereof. These cautionary 
      statements qualify all of the forward-looking statements the Company 
      makes herein. The Company cannot assure you that the results or 
      developments anticipated by the Company will be realized or, even if 
      substantially realized, that those results or developments will result 
      in the expected consequences for the Company or affect the Company, its 
      business or its operations in the way the Company expects. The Company 
      cautions you not to place undue reliance on these forward-looking 
      statements, which speak only as of their respective dates. The Company 
      does not undertake an obligation to update or revise any forward-looking 
      statements to reflect actual results or changes in the Company's 
      assumptions, estimates or projections. These risks should be carefully 
      reviewed before making any investment decision.
    
    
      
        
          
            JOS. A. BANK CLOTHIERS, INC.
          
          
            Condensed Consolidated Balance Sheets
          
          
            (In Thousands)
          
          
            (unaudited)
          
        
      
      
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
          February 2, 2008
        
        
        
        
          November 1, 2008
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          ASSETS
        
        
        
        
        
        
        
        
        
      
      
        
          CURRENT ASSETS:
        
        
        
        
        
        
        
        
        
      
      
        
          Cash and cash equivalents
        
        
        
        
          $
        
        
          82,082
        
        
        
        
        
        
          $
        
        
          44,452
        
        
        
      
      
        
          Accounts receivable, net
        
        
        
        
        
        
          5,855
        
        
        
        
        
        
        
        
          16,127
        
        
        
      
      
        
          Inventories:
        
        
        
        
        
        
        
        
        
      
      
        
          Finished goods
        
        
        
        
        
        
          196,547
        
        
        
        
        
        
        
        
          230,491
        
        
        
      
      
        
          Raw materials
        
        
        
        
           
        
        
          10,278
        
        
           
        
        
        
        
           
        
        
          11,109
        
        
           
        
      
      
        
          Total inventories
        
        
        
        
        
        
          206,825
        
        
        
        
        
        
        
        
          241,600
        
        
        
      
      
        
          Prepaid expenses and other current assets
        
        
        
        
           
        
        
          18,593
        
        
           
        
        
        
        
           
        
        
          21,019
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total current assets
        
        
        
        
        
        
          313,355
        
        
        
        
        
        
        
        
          323,198
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          NONCURRENT ASSETS:
        
        
        
        
        
        
        
        
        
      
      
        
          Property, plant and equipment, net
        
        
        
        
        
        
          126,235
        
        
        
        
        
        
        
        
          138,523
        
        
        
      
      
        
          Other noncurrent assets
        
        
        
        
           
        
        
          508
        
        
           
        
        
        
        
           
        
        
          478
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          440,098
        
        
           
        
        
        
        
          $
        
        
          462,199
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          LIABILITIES AND STOCKHOLDERS’ EQUITY
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          CURRENT LIABILITIES:
        
        
        
        
        
        
        
        
        
      
      
        
          Accounts payable
        
        
        
        
          $
        
        
          47,383
        
        
        
        
        
        
          $
        
        
          43,965
        
        
        
      
      
        
          Accrued expenses
        
        
        
        
        
        
          72,150
        
        
        
        
        
        
        
        
          61,658
        
        
        
      
      
        
          Deferred tax liability – current
        
        
        
        
           
        
        
          6,688
        
        
           
        
        
        
        
           
        
        
          6,652
        
        
           
        
      
      
        
          Total current liabilities
        
        
        
        
        
        
          126,221
        
        
        
        
        
        
        
        
          112,275
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          NONCURRENT LIABILITIES:
        
        
        
        
        
        
        
        
        
      
      
        
          Deferred rent
        
        
        
        
        
        
          50,185
        
        
        
        
        
        
        
        
          55,267
        
        
        
      
      
        
          Deferred tax liability – noncurrent
        
        
        
        
        
        
          1,210
        
        
        
        
        
        
        
        
          2,456
        
        
        
      
      
        
          Other noncurrent liabilities
        
        
        
        
           
        
        
          1,317
        
        
           
        
        
        
        
           
        
        
          1,372
        
        
           
        
      
      
        
          Total liabilities
        
        
        
        
           
        
        
          178,933
        
        
           
        
        
        
        
           
        
        
          171,370
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          COMMITMENTS AND CONTINGENCIES
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          STOCKHOLDERS’ EQUITY:
        
        
        
        
        
        
        
        
        
      
      
        
          Common stock
        
        
        
        
        
        
          181
        
        
        
        
        
        
        
        
          181
        
        
        
      
      
        
          Additional paid-in capital
        
        
        
        
        
        
          80,791
        
        
        
        
        
        
        
        
          82,456
        
        
        
      
      
        
          Retained earnings
        
        
        
        
        
        
          180,260
        
        
        
        
        
        
        
        
          208,259
        
        
        
      
      
        
          Accumulated other comprehensive losses
        
        
        
        
           
        
        
          (67
        
        
          )
        
        
        
        
           
        
        
          (67
        
        
          )
        
      
      
        
          Total stockholders’ equity
        
        
        
        
           
        
        
          261,165
        
        
           
        
        
        
        
           
        
        
          290,829
        
        
           
        
      
      
        
          Total liabilities and stockholders’ equity
        
        
        
        
          $
        
        
          440,098
        
        
           
        
        
        
        
          $
        
        
          462,199
        
        
           
        
      
    
    
      Note: The foregoing audited and unaudited Condensed Consolidated Balance 
      Sheets are excerpts from our Condensed Consolidated Financial Statements 
      (as of February 2, 2008 and November 1, 2008) 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 1, 2008 and the Annual Report on Form 10-K for the fiscal year 
      ended February 2, 2008, which were filed with the Securities and 
      Exchange Commission on December 3, 2008 and April 10, 2008, respectively.
    
    
      
        
          
            JOS. A. BANK CLOTHIERS, INC.
          
          
            Condensed Consolidated Statements of Income
          
          
            (In Thousands, Except Per Share Information)
          
          
            (unaudited)
          
        
      
      
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
          Three Months Ended
        
        
        
        
          Nine Months Ended
        
      
      
        
        
        
        
        
          
            November 3, 2007
          
        
        
           
        
        
          November 1, 2008
        
        
        
        
          November 3, 2007
        
        
           
        
        
          November 1, 2008
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net sales
        
        
        
        
          $
        
        
          131,304
        
        
        
        
        
        
          $
        
        
          149,274
        
        
        
        
        
        
          $
        
        
          395,115
        
        
        
        
        
        
          $
        
        
          447,412
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cost of goods sold
        
        
        
        
           
        
        
          47,679
        
        
           
        
        
        
        
           
        
        
          54,980
        
        
           
        
        
        
        
           
        
        
          146,663
        
        
           
        
        
        
        
           
        
        
          166,900
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Gross Profit
        
        
        
        
           
        
        
          83,625
        
        
           
        
        
        
        
           
        
        
          94,294
        
        
           
        
        
        
        
           
        
        
          248,452
        
        
           
        
        
        
        
           
        
        
          280,512
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating expenses:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Sales and marketing, including occupancy costs
        
        
        
        
        
        
          59,017
        
        
        
        
        
        
        
        
          66,209
        
        
        
        
        
        
        
        
          170,570
        
        
        
        
        
        
        
        
          193,773
        
        
        
      
      
        
          General and administrative
        
        
        
        
           
        
        
          13,111
        
        
           
        
        
        
        
           
        
        
          14,231
        
        
           
        
        
        
        
           
        
        
          39,067
        
        
           
        
        
        
        
           
        
        
          41,269
        
        
           
        
      
      
        
          Total operating expenses
        
        
        
        
           
        
        
          72,128
        
        
           
        
        
        
        
           
        
        
          80,440
        
        
           
        
        
        
        
           
        
        
          209,637
        
        
           
        
        
        
        
           
        
        
          235,042
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating income
        
        
        
        
        
        
          11,497
        
        
        
        
        
        
        
        
          13,854
        
        
        
        
        
        
        
        
          38,815
        
        
        
        
        
        
        
        
          45,470
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other income (expense):
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest income
        
        
        
        
        
        
          396
        
        
        
        
        
        
        
        
          169
        
        
        
        
        
        
        
        
          1,374
        
        
        
        
        
        
        
        
          793
        
        
        
      
      
        
          Interest expense
        
        
        
        
           
        
        
          (92
        
        
          )
        
        
        
        
           
        
        
          (103
        
        
          )
        
        
        
        
           
        
        
          (285
        
        
          )
        
        
        
        
           
        
        
          (289
        
        
          )
        
      
      
        
          Total other income
        
        
        
        
           
        
        
          304
        
        
           
        
        
        
        
           
        
        
          66
        
        
           
        
        
        
        
           
        
        
          1,089
        
        
           
        
        
        
        
           
        
        
          504
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income before provision for income taxes
        
        
        
        
        
        
          11,801
        
        
        
        
        
        
        
        
          13,920
        
        
        
        
        
        
        
        
          39,904
        
        
        
        
        
        
        
        
          45,974
        
        
        
      
      
        
          Provision for income taxes
        
        
        
        
           
        
        
          4,705
        
        
           
        
        
        
        
           
        
        
          4,621
        
        
           
        
        
        
        
           
        
        
          16,244
        
        
           
        
        
        
        
           
        
        
          17,975
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income
        
        
        
        
          $
        
        
          7,096
        
        
           
        
        
        
        
          $
        
        
          9,299
        
        
           
        
        
        
        
          $
        
        
          23,660
        
        
           
        
        
        
        
          $
        
        
          27,999
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per share:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Net income per share:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic
        
        
        
        
          $
        
        
          0.39
        
        
        
        
        
        
          $
        
        
          0.51
        
        
        
        
        
        
          $
        
        
          1.31
        
        
        
        
        
        
          $
        
        
          1.54
        
        
        
      
      
        
          Diluted
        
        
        
        
          $
        
        
          0.38
        
        
        
        
        
        
          $
        
        
          0.50
        
        
        
        
        
        
          $
        
        
          1.28
        
        
        
        
        
        
          $
        
        
          1.52
        
        
        
      
      
        
          Weighted average shares outstanding:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic
        
        
        
        
        
        
          18,165
        
        
        
        
        
        
        
        
          18,215
        
        
        
        
        
        
        
        
          18,111
        
        
        
        
        
        
        
        
          18,194
        
        
        
      
      
        
          Diluted
        
        
        
        
        
        
          18,439
        
        
        
        
        
        
        
        
          18,461
        
        
        
        
        
        
        
        
          18,419
        
        
        
        
        
        
        
        
          18,433
        
        
        
      
    
    
      Note: The foregoing unaudited Condensed Consolidated Statements of 
      Income are excerpts from our unaudited Condensed Consolidated Financial 
      Statements for the three and nine months ended November 3, 2007 and 
      November 1, 2008 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 1, 2008, which was 
      filed with the Securities and Exchange Commission on December 3, 2008.
    
    
      
        
          
            JOS. A. BANK CLOTHIERS, INC.
          
          
            Condensed Consolidated Statements of Cash Flows
          
          
            (In Thousands)
          
          
            (Unaudited)
          
        
      
      
        
        
        
           
        
        
        
      
      
        
        
        
        
        
          Nine Months Ended
        
      
      
        
        
        
        
        
          November 3, 2007
        
        
           
        
        
          November 1, 2008
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash flows from operating activities:
        
        
        
        
        
        
        
        
        
      
      
        
          Net income
        
        
        
        
          $
        
        
          23,660
        
        
        
        
        
        
          $
        
        
          27,999
        
        
        
      
      
        
          
            Adjustments to reconcile net income to net cash provided by 
            operating activities:
          
        
        
        
        
        
        
        
        
        
      
      
        
          Depreciation and amortization
        
        
        
        
        
        
          13,753
        
        
        
        
        
        
        
        
          15,394
        
        
        
      
      
        
          Loss on disposals of property, plant and equipment
        
        
        
        
        
        
          121
        
        
        
        
        
        
        
        
          227
        
        
        
      
      
        
          (Decrease) increase in deferred taxes
        
        
        
        
        
        
          (996
        
        
          )
        
        
        
        
        
        
          1,210
        
        
        
      
      
        
          Net increase in operating working capital and other components
        
        
        
        
           
        
        
          (36,465
        
        
          )
        
        
        
        
           
        
        
          (57,434
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net cash provided by (used in) operating activities
        
        
        
        
           
        
        
          73
        
        
           
        
        
        
        
           
        
        
          (12,604
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash flows from investing activities:
        
        
        
        
        
        
        
        
        
      
      
        
          Capital expenditures
        
        
        
        
        
        
          (19,511
        
        
          )
        
        
        
        
        
        
          (26,888
        
        
          )
        
      
      
        
          Proceeds from disposal of fixed assets
        
        
        
        
           
        
        
          290
        
        
           
        
        
        
        
           
        
        
          197
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net cash used in investing activities
        
        
        
        
           
        
        
          (19,221
        
        
          )
        
        
        
        
           
        
        
          (26,691
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash flows from financing activities:
        
        
        
        
        
        
        
        
        
      
      
        
          Income tax benefit from exercise of stock options
        
        
        
        
        
        
          807
        
        
        
        
        
        
        
        
          528
        
        
        
      
      
        
          Net proceeds from exercise of stock options
        
        
        
        
           
        
        
          1,869
        
        
           
        
        
        
        
           
        
        
          1,137
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net cash provided by financing activities
        
        
        
        
           
        
        
          2,676
        
        
           
        
        
        
        
           
        
        
          1,665
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net decrease in cash and cash equivalents
        
        
        
        
           
        
        
          (16,472
        
        
          )
        
        
        
        
           
        
        
          (37,630
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash and cash equivalents – beginning of period
        
        
        
        
           
        
        
          43,080
        
        
           
        
        
        
        
           
        
        
          82,082
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Cash and cash equivalents – end of period
        
        
        
        
          $
        
        
          26,608
        
        
           
        
        
        
        
          $
        
        
          44,452
        
        
           
        
      
    
    
      Note: The foregoing unaudited Condensed Consolidated Statements of Cash 
      Flows are excerpts from our unaudited Condensed Consolidated Financial 
      Statements for nine months ended November 3, 2007 and November 1, 2008 
      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 1, 2008, which was filed with the 
      Securities and Exchange Commission on December 3, 2008.