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.
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