Mr. Black continued, "In order to drive business in the post-holiday period, we accelerated our promotional efforts, which allowed us to improve our sales trend as the quarter ended. These efforts, however, more than offset the gross margin gains we had achieved going into Christmas. That said, we are realizing the benefits of the new promotional marketing strategies we have implemented, which resulted in continued improvement in our marketing efficiency again in the fourth quarter. Additionally, the non-promotional portion of our business continues to perform well, with ongoing increases in sales."
Mr. Black concluded, "Looking ahead, we are focused on continuing to improve our sales trend and returning to our peak levels of profit performance. We feel confident that the strategies we have in place to drive this growth over the near and longer term will enable us to achieve these goals."
The Company noted that actual results for the fourth quarter of fiscal 2013 will depend on, among other things, adjustments that may arise from the normal quarter-end processing.
In a separate press release issued this morning, Jos. A. Bank announced that it has signed a definitive agreement to acquire Everest Holdings LLC, parent company of the Eddie Bauer brand, a transaction that will enable the Company to drive significant growth and value creation. In conjunction with the transaction, the Company also announced that it will promptly commence a self-tender offer to acquire up to 4.6 million of its common shares, or 16.4% of its outstanding shares, at a price of $65 per share, or an aggregate of up to $300 million. The self-tender offer is conditioned on, and would close promptly following completion of, the Eddie Bauer acquisition.
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
. The Company is headquartered in Hampstead, Maryland, and its common stock is listed on the NASDAQ Global Select Market under the symbol "JOSB."
This press release includes non-GAAP financial measures. Jos. A. Bank is presenting adjusted earnings per diluted share which is a non-GAAP financial measure. Jos. A. Bank believes presentation of these non-GAAP financial measures is (i) helpful to management in evaluating the proposed transaction and (ii) useful to investors in connection with their financial analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Jos. A. Bank's results prepared in accordance with GAAP. For a description of how Jos. A. Bank reconciles these non-GAAP financial measures to GAAP earnings, please see the second paragraph of this press release.