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JoS. A. Bank Clothiers Reports First Quarter Of Fiscal Year 2013 Results

Stocks in this article: JOSB

"The sales trend has continued into the second quarter of fiscal year 2013 as sales are down for the fiscal month of May. 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.

A conference call to discuss the first quarter of fiscal year 2013 earnings will be held Thursday, June 6, 2013 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1074 or (International) 612-234-9960 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 6, 2013 until June 13, 2013 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 293220. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com .

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, 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 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 Report on Form 10-Q filed on 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, Md.
David E. Ullman
EVP/CFO
410-239-5715
 
or Investor Relations Information Request Website http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-inforeq
 
or Investor Relations Voicemail, 410-239-5900
 
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com
 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
     
  Three Months Ended
  April 28, 2012 May 4, 2013
     
Net sales  $ 201,354  $196,055
Cost of goods sold 73,593 76,869
Gross profit 127,761 119,186
Operating expenses:    
Sales and marketing, including occupancy costs 85,762 88,701
General and administrative 17,591 17,532
Total operating expenses 103,353 106,233
Operating income 24,408 12,953
Other income (expense):    
Interest income 68 171
Interest expense (12) (5)
Total other income (expense) 56 166
Income before provision for income taxes 24,464 13,119
Provision for income taxes 9,632 5,031
Net income  $ 14,832  $ 8,088
Per share information:    
Earnings per share:    
Basic  $ 0.53  $ 0.29
Diluted  $ 0.53  $ 0.29
Weighted average shares outstanding:    
Basic 27,831 27,965
Diluted 27,995 28,047
     
Note: The foregoing unaudited Consolidated Statements of Income are excerpts from our unaudited Consolidated Financial Statements for the three months ended April 28, 2012 and May 4, 2013 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 May 4, 2013, which was filed with the Securities and Exchange Commission on June 5, 2013.
 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
     
  February 2, 2013 May 4, 2013
  (In thousands)
  (Audited) (Unaudited)
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 71,288  $ 30,878
Short-term investments 305,833 289,852
Accounts receivable, net 10,644 21,073
Inventories:    
Finished goods 317,635 348,570
Raw materials 12,867 11,796
Total inventories 330,502 360,366
Prepaid expenses and other current assets 23,922 27,257
Total current assets 742,189 729,426
NONCURRENT ASSETS:    
Property, plant and equipment, net 152,360 151,806
Other noncurrent assets 298 215
Total assets  $ 894,847  $ 881,447
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 53,782  $ 41,333
Accrued expenses 104,639 97,528
Deferred tax liability — current 11,928 11,916
Total current liabilities 170,349 150,777
NONCURRENT LIABILITIES:    
Deferred rent 45,531 43,811
Deferred tax liability — noncurrent 9,791 9,261
Other noncurrent liabilities 1,613 1,650
Total liabilities 227,284 205,499
COMMITMENTS AND CONTINGENCIES    
STOCKHOLDERS' EQUITY:    
Preferred Stock
Common stock 279 279
Additional paid-in capital 94,757 95,054
Retained earnings 572,718 580,806
Accumulated other comprehensive income (loss) (191) (191)
Total stockholders' equity 667,563 675,948
Total liabilities and stockholders' equity  $ 894,847  $ 881,447
     
Note: The foregoing audited and unaudited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of February 2, 2013 and as of May 4, 2013) 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 May 4, 2013 and the Annual Report on Form 10-K for the fiscal year ended February 2, 2013, which were filed with the Securities and Exchange Commission on June 5, 2013 and April 3, 2013, respectively.
 
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
     
  Three Months Ended
  April 28, 2012 May 4, 2013
  (In thousands)
Cash flows from operating activities:    
Net income  $ 14,832  $ 8,088
Adjustments to reconcile net income to net cash (used in) operating activities:    
Depreciation and amortization 6,820 7,493
Loss on disposals of property, plant and equipment 42 28
Non-cash equity compensation 599 510
Increase (decrease) in deferred taxes (655) (542)
Net (increase) in operating working capital and other components (78,890) (65,860)
Net cash (used in) operating activities (57,252) (50,283)
Cash flows from investing activities:    
Capital expenditures (5,937) (5,895)
Proceeds from maturities of short-term investments 118,958 140,915
Payments to acquire short-term investments (112,270) (124,934)
Net cash provided by investing activities 751 10,086
Cash flows from financing activities:    
Income tax benefit from equity compensation plans 14 (40)
Net proceeds from issuance of common stock
Tax payments related to equity compensation plans (372) (173)
Net cash (used in) financing activities (358) (213)
Net (decrease) in cash and cash equivalents (56,859) (40,410)
Cash and cash equivalents — beginning of period 87,230 71,288
Cash and cash equivalents — end of period  $ 30,371  $ 30,878
     
Note: The foregoing unaudited Consolidated Statements of Cash Flows are excerpts from our unaudited Consolidated Financial Statements for the three months ended April 28, 2012 and May 4, 2013 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 May 4, 2013, which was filed with the Securities and Exchange Commission on June 5, 2013.

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