JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB)
announces that earnings for the second quarter of fiscal year 2008
increased 9% to $0.48 per share, as compared to $0.44 per share for
the second quarter of fiscal year 2007. Net income in the second
quarter of fiscal year 2008 was $8.9 million, as compared to $8.2
million in the second quarter of fiscal year 2007. Total sales for
the second quarter of fiscal year 2008 increased 13.7% to $152.7
million from $134.3 million in the second quarter of fiscal year
2007 while comparable store sales increased 6.8% and Direct
Marketing sales increased 10.2%. The second quarter of fiscal year
2008 ended August 2, 2008; the second quarter of fiscal year 2007
ended August 4, 2007. Comparing the first six months of fiscal year
2008 with the first six months of fiscal year 2007, earnings
increased 13% to $1.02 per share, as compared to $0.90 per share
and net income increased to $18.7 million, as compared to $16.6
million. Total sales for the first six months of fiscal year 2008
increased 13.0% to $298.1 million from $263.8 million for the first
six months of fiscal year 2007 while comparable store sales
increased 6.7% and Direct Marketing sales increased 4.3%. A
conference call to discuss fiscal year 2008 second quarter earnings
will be held Thursday, September 4, 2008 at 11:00 a.m. Eastern Time
(ET). To join in the call please dial (USA) 866-793-1342 or
(International) 703-639-1313 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 September 4, 2008 until September 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 958982. 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 447 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, 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 August 2, 2008 � ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 82,082 $ 64,357 Accounts receivable, net 5,855 8,826
Inventories: Finished goods 196,547 206,147 Raw materials � 10,278
� � 13,390 � Total inventories 206,825 219,537 Prepaid expenses and
other current assets � 18,593 � � 19,347 � � Total current assets
313,355 312,067 � NONCURRENT ASSETS: Property, plant and equipment,
net 126,235 134,111 Other noncurrent assets � 508 � � 526 � Total
assets $ 440,098 � $ 446,704 � � LIABILITIES AND STOCKHOLDERS�
EQUITY � CURRENT LIABILITIES: Accounts payable $ 47,383 $ 46,767
Accrued expenses 72,150 57,186 Deferred tax liability � current �
6,688 � � 7,194 � Total current liabilities 126,221 111,147 �
NONCURRENT LIABILITIES: Long-term debt - - Noncurrent lease
obligations 50,185 52,946 Deferred tax liability � noncurrent 1,210
986 Other noncurrent liabilities � 1,317 � � 1,641 � Total
liabilities � 178,933 � � 166,720 � � COMMITMENTS AND CONTINGENCIES
� STOCKHOLDERS� EQUITY: Common stock 181 181 Additional paid-in
capital 80,791 80,910 Retained earnings 180,260 198,960 Accumulated
other comprehensive losses � (67 ) � (67 ) Total stockholders�
equity � 261,165 � � 279,984 � Total liabilities and stockholders�
equity $ 440,098 � $ 446,704 � Note: The foregoing audited and
unaudited Condensed Consolidated Balance Sheets are excerpts from
our Condensed Consolidated Financial Statements (as of February 2,
2008 and August 2, 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 August 2, 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 September 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 Six Months Ended
August 4, 2007 � August 2, 2008 August 4, 2007 � August 2, 2008 �
Net sales $ 134,278 $ 152,734 $ 263,811 $ 298,138 � Cost of goods
sold � 50,531 � � 57,496 � � 98,984 � � 111,920 � � Gross Profit �
83,747 � � 95,238 � � 164,827 � � 186,218 � � Operating expenses:
Sales and marketing 57,494 66,629 111,553 127,564 General and
administrative � 12,737 � � 13,831 � � 25,956 � � 27,038 � Total
operating expenses � 70,231 � � 80,460 � � 137,509 � � 154,602 � �
Operating income 13,516 14,778 27,318 31,616 � Other income
(expense): Interest income 540 321 978 624 Interest expense � (92 )
� (92 ) � (193 ) � (186 ) Total other income � 448 � � 229 � � 785
� � 438 � � Income before provision for income taxes 13,964 15,007
28,103 32,054 Provision for income taxes � 5,758 � � 6,138 � �
11,539 � � 13,354 � � Net income $ 8,206 � $ 8,869 � $ 16,564 � $
18,700 � � Earnings per share: Net income per share: Basic $ 0.45 $
0.49 $ 0.92 $ 1.03 Diluted $ 0.44 $ 0.48 $ 0.90 $ 1.02 Weighted
average shares outstanding: Basic 18,127 18,184 18,085 18,184
Diluted 18,444 18,427 18,410 18,420 Note: The foregoing unaudited
Condensed Consolidated Statements of Income are excerpts from our
unaudited Condensed Consolidated Financial Statements for the three
and six months ended August 4, 2007 and August 2, 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 August 2, 2008, which was filed with the
Securities and Exchange Commission on September 3, 2008. � JOS. A.
BANK CLOTHIERS, INC. Condensed Consolidated Statements of Cash
Flows (In Thousands) (Unaudited) � Six Months Ended August 4, 2007
� August 2, 2008 � Cash flows from operating activities: Net income
$ 16,564 $ 18,700 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation and amortization
9,043 10,049 Loss on disposals of property, plant and equipment 107
201 (Decrease) increase in deferred taxes (593 ) 282 Net increase
in operating working capital and other components � (15,453 ) �
(28,940 ) � Net cash provided by operating activities � 9,668 � �
292 � � Cash flows from investing activities: Capital expenditures
� (11,526 ) � (18,136 ) � Net cash used in investing activities �
(11,526 ) � (18,136 ) � Cash flows from financing activities:
Income tax benefit from exercise of stock options 625 - Net
proceeds from exercise of stock options � 1,460 � � 119 � � Net
cash provided by financing activities � 2,085 � � 119 � � Net
increase (decrease) in cash and cash equivalents 227 (17,725 ) �
Cash and cash equivalents � beginning of period � 43,080 � � 82,082
� � Cash and cash equivalents � end of period $ 43,307 � $ 64,357 �
Note: The foregoing unaudited Condensed Consolidated Statements of
Cash Flows are excerpts from our unaudited Condensed Consolidated
Financial Statements for six months ended August 4, 2007 and August
2, 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 August
2, 2008, which was filed with the Securities and Exchange
Commission on September 3, 2008.
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