JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market:JOSB)
announces today record results for its fiscal year ended January
31, 2009 (�fiscal year 2008�).
Net income for fiscal year 2008 increased to a record $58.4
million, as compared with net income of $50.2 million for the
fiscal year ended February 2, 2008 (�fiscal year 2007�). Earnings
per share for fiscal year 2008 increased 17% to a record $3.17 as
compared with earnings per share of $2.72 for fiscal year 2007.
Net sales reached a record of $695.9 million in fiscal year
2008, representing a 15.2% gain as compared with net sales of
$604.0 million in fiscal year 2007. Comparable store sales
increased 8.9% during fiscal year 2008, while Direct Marketing
sales decreased 0.2%. The Company ended fiscal year 2008 with $123
million in cash and no debt.
A conference call to discuss fiscal year 2008 earnings will
be held Thursday, April 9, 2009 at 11:00 a.m. Eastern Time (ET). To
join in the call please dial (USA) 800-762-4832 or (International)
480-248-5089 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
April 9, 2009 until April 16, 2009 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 995125. 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 461 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, legal
matters 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 January 31, 2009. 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. CONSOLIDATED BALANCE
SHEETS AS OF FEBRUARY 2, 2008 AND JANUARY 31, 2009
(In Thousands, Except Share Information) � �
February 2,
2008 �
January 31, 2009 ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 82,082
$
122,875 Accounts receivable, net 5,855
7,404
Inventories 206,825
209,242 Prepaid expenses and other
current assets � 18,593 � �
17,776 Total current assets
313,355
357,297 NONCURRENT ASSETS: Property, plant
and equipment, net 126,235
133,588 Other noncurrent assets �
508 � �
481 Total assets $ 440,098 �
$ 491,366
LIABILITIES AND STOCKHOLDERS� EQUITY CURRENT
LIABILITIES: Accounts payable $ 47,383
$ 29,774
Accrued expenses 72,150
74,792 Deferred tax liability �
6,688 � �
6,604 Total current liabilities 126,221
111,170 NONCURRENT LIABILITIES: Long-term debt -
- Deferred rent 50,185
54,743 Noncurrent deferred tax
liability 1,210
2,605 Other noncurrent liabilities � 1,317 �
�
1,035 Total liabilities � 178,933 � �
169,553
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS� EQUITY:
Preferred stock, $1.00 par, 500,000 shares authorized, none issued
or outstanding - - Common stock, $.01 par, 45,000,000 shares
authorized, 18,179,371 issued and outstanding at February 2, 2008
and 18,290,977 issued and outstanding at January 31, 2009 181
182 Additional paid-in capital 80,791
82,951 Retained
earnings 180,260
238,668 Accumulated other comprehensive
(losses) gains � (67 ) �
12 Total stockholders� equity �
261,165 � �
321,813 Total liabilities and stockholders�
equity $ 440,098 �
$ 491,366
Note: The foregoing unaudited Condensed Consolidated Balance
Sheets are excerpts from our Consolidated Financial Statements (as
of February 2, 2008 and as of January 31, 2009) 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 Annual Report on Form 10-K for the
fiscal year ended January 31, 2009 which was filed with the
Securities and Exchange Commission on April 8, 2009.
�
JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF
INCOME FOR THE YEARS ENDED FEBRUARY 3, 2007, FEBRUARY 2,
2008 AND JANUARY 31, 2009 (In Thousands, Except Per Share
Information) � �
Fiscal Year 2006 �
2007 �
2008 NET SALES $ 546,385 $
604,010 $ 695,908 Cost of goods sold � 207,947
� � 225,364 � �
264,954 �
GROSS PROFIT �
338,438 � �
378,646 � �
430,954 � OPERATING
EXPENSES: Sales and marketing 212,890 242,655
277,354
General and administrative � 52,453 � � 53,240 � �
58,111 �
Total operating expenses � 265,343 � � 295,895 � �
335,465 �
OPERATING INCOME 73,095 82,751 95,489
OTHER INCOME (EXPENSE): Interest income 461 1,937
856
Interest expense � (1,399 ) � (355 ) �
(379 ) Total
other income (expense) � (938 ) � 1,582 � �
477 � Income
before provision for income taxes 72,157 84,333
95,966
Provision for income taxes � 28,935 � � 34,165 � �
37,558 �
NET INCOME $ 43,222 �
$ 50,168 �
$ 58,408 � �
EARNINGS PER SHARE Net
income: Basic $ 2.40 $ 2.77
$ 3.21 Diluted $ 2.36 $
2.72 $ 3.17 Weighted average shares
outstanding: Basic 17,981 18,128
18,214 Diluted 18,342
18,420
18,445
Note: The foregoing unaudited Condensed Consolidated Statements
of Income are excerpts from our Consolidated Financial Statements
for each of the three years ended January 31, 2009 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 Annual Report on Form 10-K for the
fiscal year ended January 31, 2009 which was filed with the
Securities and Exchange Commission on April 8, 2009.
�
JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS FOR THE YEARS ENDED FEBRUARY 3, 2007, FEBRUARY 2,
2008 AND JANUARY 31, 2009 (In Thousands) �
Fiscal
Year 2006 �
2007 �
2008 CASH FLOWS FROM
OPERATING ACTIVITIES: Net income $ 43,222 $ 50,168 $ 58,408
Adjustments to reconcile net
income to net cash provided by operating activities:
Increase (decrease) deferred taxes (2,603 ) (3,150 ) 1,311
Depreciation and amortization 15,809 18,477 20,609 Loss on
disposition of assets 34 281 279 Asset impairment charges - 833
1,240 Non-cash recognition of state grant - (485 ) - Changes in
assets and liabilities: (Increase) decrease in accounts receivable
1,262 (662 ) (1,549 ) Increase in inventories (6,829 ) (23,354 )
(2,417 ) Increase (decrease) in prepaid expenses and other assets
(5,708 ) (10 ) 817 Decrease in non-current assets 31 27 27 Increase
(decrease) in accounts payable (995 ) 5,700 (17,609 ) Increase in
accrued expenses 10,490 7,602 8,018 Increase in deferred rent 7,046
8,132 4,558 Increase (decrease) in other noncurrent liabilities �
(848 ) � 153 � � (152 ) Net cash provided by operating activities �
60,911 � � 63,712 � � 73,540 �
CASH FLOWS USED FOR INVESTING
ACTIVITIES: Payments for capital expenditures (31,141 ) (27,696
) (35,105 ) Proceeds from disposal of assets � - � � 295 � � 197 �
Net cash used for investing activities � (31,141 ) � (27,401 ) �
(34,908 )
CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings
under revolving loan agreement 90,135 - - Repayment of borrowings
under revolving loan agreement (90,135 ) - - Proceeds from
long-term debt 400 - - Repayment of other long-term debt (5,785 ) -
- Income tax benefit from exercise of non-qualified stock options
3,947 822 625 Proceeds from issuance of common stock � 7,404 � �
1,869 � � 1,536 � Net cash provided by financing activities � 5,966
� � 2,691 � � 2,161 � Net increase in cash and cash equivalents
35,736 39,002 40,793
CASH AND CASH EQUIVALENTS, beginning of
year �
7,344 � �
43,080 � �
82,082 �
CASH AND CASH EQUIVALENTS, end of year $
43,080 �
$ 82,082 �
$ 122,875 �
Note: The foregoing unaudited Condensed Consolidated Statements
of Cash Flows are excerpts from our Consolidated Financial
Statements for each of the three years ended January 31, 2009 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 Annual Report on Form 10-K
for the fiscal year ended January 31, 2009 which was filed with the
Securities and Exchange Commission on April 8, 2009.
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