JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market: JOSB)
announces today record results for its fiscal year ended January
29, 2011 (“fiscal year 2010”).
Net income for fiscal year 2010 increased 21% to a record $85.8
million, as compared with net income of $71.2 million for the
fiscal year ended January 30, 2010 (“fiscal year 2009”). Earnings
per share for fiscal year 2010 increased 20% to $3.08 as compared
with earnings per share of $2.56 for fiscal year 2009.
Net sales reached a record of $858.1 million in fiscal year
2010, representing an 11.4% gain as compared with net sales of
$770.3 million in fiscal year 2009. Comparable store sales
increased 7.0% during fiscal year 2010, while Direct Marketing
sales increased 24.4%.
“2010 was another very successful year for the Company,”
commented R. Neal Black, President and CEO of JoS. A. Bank
Clothiers, Inc. “We realized double digit sales growth again
through strong comparable store sales and Direct Marketing sales,
combined with the sales contribution from the 36 new stores we
added during the year. Additionally, we generated net income growth
of 21% as we continued to gain leverage, primarily through margin
expansion and expense control. Our cash from operating activities
grew 25% and our financial position remains very strong. Once
again, we ended the year with no debt. With this quarter’s results,
we have achieved earnings growth in 37 of the past 38 quarters when
compared to the respective prior year periods, including 19
quarters in a row,” continued Mr. Black.
A conference call to discuss fiscal year 2010 earnings will
be held Thursday, March 31, 2011 at 11:00 a.m. Eastern Time (ET).
To join in the call please dial (USA) 800-230-1059 or
(International) 612-234-9959 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 March 31, 2011 until April 7, 2011 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 196991. 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 adjusted for the 50% stock dividend that
the Company announced on June 17, 2010, under which stockholders of
record as of July 30, 2010 received one additional share of common
stock for each two shares then owned. The stock dividend was
distributed on August 18, 2010.
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 510 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, financial condition and
operations. 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 29,
2011. 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. CONSOLIDATED BALANCE
SHEETS AS OF JANUARY 30, 2010 AND JANUARY 29, 2011
(In Thousands, Except Share Information)
January 30, 2010 January 29, 2011 ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 21,853
$
80,979 Short-term investments 169,736
189,789
Accounts receivable, net 5,860
9,525 Inventories 218,321
233,310 Prepaid expenses and other current assets
16,035
19,494 Total current assets 431,805
533,097 NONCURRENT ASSETS: Property, plant and
equipment, net 124,139
128,603 Other noncurrent assets
420
337 Total assets $ 556,364
$
662,037 LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 18,225
$
31,505 Accrued expenses 85,256
88,165 Deferred tax
liability - current 5,064
5,276 Total current
liabilities 108,545
124,946 NONCURRENT LIABILITIES:
Long-term debt -
- Deferred rent 51,853
49,279
Deferred tax liability - noncurrent 1,608
4,147 Other
noncurrent liabilities 1,048
989 Total
liabilities 163,054
179,361 COMMITMENTS AND
CONTINGENCIES STOCKHOLDERS’ EQUITY: Preferred stock,
$1.00 par, 500,000 shares authorized, none issued or outstanding -
- Common stock, $.01 par, 45,000,000 shares authorized, 27,526,744
issued and outstanding at January 30, 2010 and 27,622,054 issued
and outstanding at January 29, 2011 183
275 Additional
paid-in capital 83,249
86,792 Retained earnings 309,823
395,531 Accumulated other comprehensive gains 55
78 Total stockholders’ equity 393,310
482,676 Total liabilities and stockholders’ equity $ 556,364
$ 662,037
Note: The foregoing audited Consolidated Balance Sheets are
excerpts from our Consolidated Financial Statements (as of January
30, 2010 and as of January 29, 2011) and do not include the Notes,
which are an integral part thereof. The foregoing audited financial
information should be read in conjunction with the Company’s Annual
Report on Form 10-K for the fiscal year ended January 29, 2011,
which was filed with the Securities and Exchange Commission on
March 30, 2011.
JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED
STATEMENTS OF INCOME FOR THE YEARS ENDED JANUARY 31, 2009,
JANUARY 30, 2010 and JANUARY 29, 2011 (In Thousands, Except
Per Share Information) Fiscal Year
2008 2009
2010 NET SALES $ 695,908
$ 770,316 $ 858,128 Cost of goods sold
264,954 298,193
320,585
GROSS PROFIT 430,954
472,123 537,543 OPERATING
EXPENSES: Sales and marketing, including occupancy costs 277,354
293,663
326,464 General and administrative 58,111
61,057
69,472 Total
operating expenses 335,465 354,720
395,936 OPERATING INCOME 95,489
117,403 141,607 OTHER INCOME (EXPENSE): Interest
income 856 375
589 Interest expense (379 )
(395 )
(136 ) Total other income (expense)
477 (20 )
453 Income
before provision for income taxes 95,966 117,383
142,060
Provision for income taxes 37,558 46,228
56,261 NET INCOME $
58,408 $ 71,155 $
85,799 PER SHARE INFORMATION
Earnings per share: Basic $ 2.14
$ 2.59 $ 3.11 Diluted $
2.11 $ 2.56 $ 3.08 Weighted
average shares outstanding: Basic 27,321 27,452
27,553
Diluted 27,668 27,785
27,851
Note: The foregoing audited Consolidated Statements of Income
are excerpts from our Consolidated Financial Statements for each of
the three years ended January 29, 2011 and do not include the
Notes, which are considered an integral part thereof. The foregoing
audited financial information should be read in conjunction with
the Company's Annual Report on Form 10-K for the fiscal year ended
January 29, 2011 which was filed with the Securities and Exchange
Commission on March 30, 2011.
JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JANUARY 31,
2009, JANUARY 30, 2010 AND JANUARY 29, 2011 (In
Thousands) Fiscal Year 2008
2009 2010
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 58,408 $
71,155 $ 85,799
Adjustments to reconcile net income to net
cash provided by operating activities:
Increase (decrease) in deferred taxes 1,311 (2,537 ) 2,751
Depreciation and amortization 20,609 22,382 24,479 Loss on
disposition of assets 279 160 357 Asset impairment charges 1,240
1,554 1,215 Equity compensation - - 1,252 Changes in assets and
liabilities: (Increase) decrease in accounts receivable (1,549 )
1,544 (3,665 ) (Increase) in inventories (2,417 ) (9,079 ) (14,989
) (Increase) decrease in prepaids and other current assets 817
1,741 (3,459 ) Decrease in non-current assets 27 61 83 Increase
(decrease) in accounts payable (17,609 ) (11,549 ) 13,280 Increase
in accrued expenses 8,018 12,120 1,738 Increase (decrease) in
deferred rent 4,558 (2,890 ) (2,574 ) Increase (decrease) in other
noncurrent liabilities (152 ) 86 (28 )
Net cash provided by operating activities 73,540
84,748 106,239
CASH FLOWS USED FOR
INVESTING ACTIVITIES: Payments for capital expenditures (35,105
) (16,333 ) (29,352 ) Proceeds from disposal of assets 197 - -
Proceeds from maturities of short-term investments - 34,951 169,736
Payments to acquire short-term investments -
(204,687 ) (189,789 ) Net cash used for investing activities
(34,908 ) (186,069 ) (49,405 )
CASH FLOWS
FROM FINANCING ACTIVITIES: Borrowings under revolving loan
agreement - - - Repayment of borrowings under revolving loan
agreement - - - Income tax benefit from exercise of stock options
625 65 1,300 Proceeds from issuance of common stock 1,536 234 1,013
Fractional share payments - -
(21 ) Net cash provided by financing activities 2,161
299 2,292 Net increase (decrease) in
cash and cash equivalents 40,793 (101,022 ) 59,126
CASH AND CASH
EQUIVALENTS, beginning of year 82,082
122,875 21,853 CASH
AND CASH EQUIVALENTS, end of year $ 122,875
$ 21,853 $ 80,979
Note: The foregoing audited Consolidated Statements of Cash
Flows are excerpts from our Consolidated Financial Statements for
each of the three years ended January 29, 2011 and do not include
the Notes, which are considered an integral part thereof. The
foregoing audited financial information should be read in
conjunction with the Company's Annual Report on Form 10-K for the
fiscal year ended January 29, 2011 which was filed with the
Securities and Exchange Commission on March 30, 2011.
Grafico Azioni Jos. A. Bank Clothiers (NASDAQ:JOSB)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Jos. A. Bank Clothiers (NASDAQ:JOSB)
Storico
Da Lug 2023 a Lug 2024