JoS. A. Bank Clothiers, Inc. (Nasdaq National Market:JOSB)
announced today sales and earnings for the first quarter of the
fiscal year ending February 3, 2007 ("fiscal 2006"). In addition,
the Company has provided earnings guidance for fiscal 2006. For the
first quarter of fiscal 2006, net income was $5.9 million, or $0.32
per share, as compared with net income of $6.7 million, or $0.38
per share, in the first quarter of the fiscal year ended January
29, 2006 ("fiscal 2005"). "While our sales of new transitional
spring products remained consistent with last year, gross profits
declined primarily as a result of increased customer demand for
fall merchandise, resulting in less demand for the year-round core
merchandise," stated David E. Ullman, Chief Financial Officer of
JoS. A. Bank, Clothiers, Inc. "Our new spring products continue to
show strong sales in May and early June, so we expect our
year-over-year profits to increase at least 10% in the second
quarter of fiscal 2006," continued Mr. Ullman. In addition, based
on recent positive sales and gross margin trends, the Company
expects to generate a double-digit percentage increase in earnings
per share for the full year of fiscal 2006, as compared with the
earnings per share of $1.95 in fiscal 2005. Total sales for the
first quarter of fiscal 2006 increased 17.7% to $113.7 million, as
compared with $96.6 million in the comparable prior year period.
Comparable stores sales increased 4.7% in the first quarter of
fiscal 2006, as compared with the comparable prior year period,
while combined catalog and Internet sales increased 25.0%. A
conference call to discuss this earnings news release will be held
today, June 8, 2006 at 11:00 a.m. Eastern Time (EDT). To
participate in the call today, please dial (USA) 800-762-4519 or
(International) 480-629-9025, at least five minutes before 11:00
a.m. EDT. A replay of the conference call will be available after
2:30 p.m. EDT on June 8, 2006 until June 15, 2006 at 11:59 p.m. EDT
by dialing (USA) 800-475-6701 or (International) 320-365-3844. The
access code for the replay will be 830552. A webcast replay of the
conference call will be posted on the investor relations portion of
our website: www.josbank.com (select 'Company Information' and
'Investor Relations'). 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 334 stores in 40 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 National 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, 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, fashion
trends and changing consumer preferences, the effectiveness of the
Company's marketing programs, the availability of lease sites for
new stores, the ability to source product from its global supplier
base and other competitive factors. 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
the Company's Annual Report on Form 10-K for the year ended January
28, 2006. 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 and projections. These risks
should be carefully reviewed before making any investment decision.
-0- *T JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Income (In thousands except per share
data) (Unaudited) Three Months Ended -----------------------------
April 30, 2005 April 29, 2006 -------------- -------------- Net
sales $ 96,575 $ 113,665 Cost of goods sold 35,962 43,914
-------------- -------------- Gross profit 60,613 69,751
-------------- -------------- Operating expenses: Sales and
marketing 39,576 47,032 General and administrative 9,179 12,200
Store opening costs 76 84 -------------- -------------- Total
operating expenses 48,831 59,316 -------------- --------------
Operating income 11,782 10,435 Interest expense, net 324 321
-------------- -------------- Income before provision for income
taxes 11,458 10,114 Provision for income taxes 4,721 4,253
-------------- -------------- Net income $ 6,737 $ 5,861
============== ============== Earnings per share: Net income: Basic
$ 0.40 $ 0.33 Diluted $ 0.38 $ 0.32 Weighted average shares
outstanding: Basic 16,839 17,884 Diluted 17,901 18,347 Note: The
foregoing unaudited, Condensed Consolidated Statements of Income
are excerpts from our Condensed Consolidated Unaudited Financial
Statements (for the three months ended April 30, 2005 and April 29,
2006) and do not include the Notes, which are considered an
integral part thereof. The Company filed the Condensed Consolidated
Unaudited Financial Statements in its Quarterly Report on Form 10-Q
on June 7, 2006. The foregoing unaudited financial information
should be read in conjunction with the Company's Form 10-Q for the
quarterly period ended April 29, 2006, as well as the Company's
Annual Report on Form 10-K for the fiscal year ended January 29,
2006. JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES Condensed
Consolidated Balance Sheets (In thousands except per share data)
(Unaudited) January 28, 2006 April 29, 2006 ----------------
---------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $
7,344 $ 852 Accounts receivable, net 6,455 7,918 Inventories: Raw
materials 7,574 10,337 Finished goods 169,068 173,668
---------------- ---------------- Total inventories 176,642 184,005
Prepaid expenses and other current assets 12,852 16,028 Prepaid
income taxes - 6,020 ---------------- ---------------- Total
current assets 203,293 214,823 NONCURRENT ASSETS: Property, plant
and equipment, net 100,973 102,023 Other noncurrent assets 566 566
---------------- ---------------- Total assets $ 304,832 $ 317,412
================ ================ LIABILITIES AND STOCKHOLDERS'
EQUITY CURRENT LIABILITIES: Accounts payable $ 42,678 $ 35,168
Accrued expenses 52,480 41,432 Current portion of long-term debt
971 987 Deferred tax liability - current 10,954 10,954
---------------- ---------------- Total current liabilities 107,083
88,541 NONCURRENT LIABILITIES: Long-term debt, net of current
portion 4,826 17,410 Noncurrent lease obligations 35,007 35,183
Deferred tax liability - noncurrent 2,697 2,910 Other noncurrent
liabilities 1,419 1,527 ---------------- ---------------- Total
liabilities 151,032 145,571 ---------------- ----------------
STOCKHOLDERS' EQUITY: Common Stock 173 179 Additional paid-in
capital 66,757 78,931 Retained earnings 86,870 92,731
---------------- ---------------- Total stockholders' equity
153,800 171,841 ---------------- ---------------- Total liabilities
and stockholders' equity $ 304,832 $ 317,412 ================
================ Note: The foregoing unaudited, Condensed
Consolidated Balance Sheets are excerpts from our Condensed
Consolidated Unaudited Financial Statements (for the year ended
January 28, 2006 and the three months ended April 29, 2006) and do
not include the Notes, which are considered an integral part
thereof. The Company filed the Condensed Consolidated Unaudited
Financial Statements in its Quarterly Report on Form 10-Q on June
7, 2006. The foregoing unaudited financial information should be
read in conjunction with the Company's Form 10-Q for the quarterly
period ended April 29, 2006, as well as the Company's Annual Report
on Form 10-K for the fiscal year ended January 29, 2006. JOS. A.
BANK CLOTHIERS, INC. AND SUBSIDIARIES Condensed Consolidated
Statements of Cash Flows (In thousands except per share data)
(Unaudited) Three Months Ended ----------------------------- April
30, 2005 April 29, 2006 -------------- -------------- Cash flows
from operating activities: Net income $ 6,737 $ 5,861 Adjustments
to reconcile net income to net cash used in operating activities:
Depreciation and amortization 3,079 3,686 Loss on disposals of
plant and equipment 3 3 Increase in deferred tax liability 8,269
213 Income tax benefit from exercise of stock options 952 - Net
increase in operating working capital (23,194) (35,099)
-------------- -------------- Net cash used in operating activities
(4,154) (25,336) -------------- -------------- Cash flows from
investing activities: Capital expenditures (5,133) (5,936)
-------------- -------------- Net cash used in investing activities
(5,133) (5,936) -------------- -------------- Cash flows from
financing activities: Borrowings under long-term Credit Agreement
24,719 25,978 Repayments under long-term Credit Agreement (14,719)
(13,542) Proceeds from long-term debt - 400 Repayment of other
long-term debt (217) (236) Income tax benefit from exercise of
stock options - 5,134 Net proceeds from issuance of common stock
216 7,046 -------------- -------------- Net cash provided by
financing activities 9,999 24,780 -------------- -------------- Net
increase (decrease) in cash and cash equivalents 712 (6,492) Cash
and cash equivalents - beginning of period 1,425 7,344
-------------- -------------- Cash and cash equivalents - end of
period $ 2,137 $ 852 ============== ============== Note: The
foregoing unaudited, Condensed Consolidated Statements of Cash
Flows are excerpts from our Condensed Consolidated Unaudited
Financial Statements (for the three months ended April 30, 2005 and
April 29, 2006) and do not include the Notes, which are considered
an integral part thereof. The Company filed the Condensed
Consolidated Unaudited Financial Statements in its Quarterly Report
on Form 10-Q on June 7, 2006. The foregoing unaudited financial
information should be read in conjunction with the Company's Form
10-Q for the quarterly period ended April 29, 2006, as well as the
Company's Annual Report on Form 10-K for the fiscal year ended
January 29, 2006. *T
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