JoS. A. Bank Expands Tuxedo Rentals to Over 300 Stores
03 Maggio 2010 - 12:00PM
Business Wire
JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market:
"JOSB") announces that the Company has expanded its tuxedo rental
business to over 300 stores as of May 1, and plans to add it to the
rest of its stores no later than the end of the third quarter of
this year. In January, 2010, the Company launched this initiative
on a pilot basis in 32 of its stores.
R. Neal Black, President and CEO of JoS. A. Bank, stated: “We
are pleased with our progress and results since we launched the
tuxedo rental business on a pilot basis in 32 stores in the
Southeast United States in mid-January. We have spent significant
time and effort to ensure that we can deliver our usual high
quality service to our tuxedo rental customers. To address this, we
have developed an internal system to manage this business on a
large-scale national basis. We will have the functionality to give
all of our stores the ability to review the status of any
customer’s order upon request. The system will also allow customers
to place orders in one store and to pick-up or drop-off the tuxedos
in a different store. Simultaneously, we have developed and
implemented an extensive training program to prepare our sales
force to effectively promote and execute the delivery of this very
service-oriented and time-sensitive product. We have also actively
participated in the bridal show network in the region where the 32
pilot stores are located, and have plans to participate in bridal
shows on a national basis with this larger rollout. We feel we are
well positioned to start capitalizing on this significant
opportunity for the Company.”
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 476 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, legal
matters and other competitive factors. The identified risk factors
and 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 January 31,
2010. 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.
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