JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market: JOSB)
announces that net income for the second quarter of fiscal year
2011 increased 24.7% to $20.6 million as compared with net income
of $16.5 million for the second quarter of fiscal year 2010.
Earnings per share for the second quarter of fiscal year 2011
increased 25.4% to $0.74 per share as compared with earnings per
share of $0.59 for the second quarter of fiscal year 2010. The
second quarter of fiscal year 2011 ended July 30, 2011; the second
quarter of fiscal year 2010 ended July 31, 2010.
Total sales for the second quarter of fiscal year 2011 increased
22.4% to $230.7 million from $188.4 million in the second quarter
of fiscal year 2010, while comparable store sales increased 14.7%
and Direct Marketing sales increased 27.8%.
Comparing the first six months of fiscal year 2011 with the
first six months of fiscal year 2010, net income increased 18.8% to
$38.4 million as compared to $32.3 million and earnings per share
increased 18.1% to $1.37 per share as compared to $1.16 per share.
Total sales for the first six months of fiscal year 2011 increased
15.7% to $423.9 million from $366.5 million for the first six
months of fiscal year 2010, while comparable store sales increased
7.6% and Direct Marketing sales increased 25.0%.
“We are pleased with our sales and earnings performance for the
second quarter of fiscal year 2011. While the components of our
income statement may fluctuate somewhat from quarter to quarter,
our business model, which features an aggressively sourced,
high-quality, well-balanced, fully-stocked assortment that is
promoted with timely marketing and sold by knowledgeable
professionals in convenient locations, continues to deliver strong
earnings growth over time. With this quarter’s results, we have
achieved earnings growth in 39 of the past 40 quarters when
compared to the respective prior year periods, including 21
quarters in a row,” stated R. Neal Black, President and CEO of JoS.
A. Bank Clothiers, Inc. “While sales are just one component of
overall profit and August is a relatively small sales month, our
comparable store sales in August are up slightly compared to the
same period last year, despite the impact of the recent hurricane,”
continued Mr. Black.
A conference call to discuss the second quarter of fiscal
year 2011 earnings will be held Thursday, September 1, 2011 at
11:00 a.m. Eastern Time (ET). To join in the call please dial (USA)
800-230-1092 or (International) 612-234-9960 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 1, 2011 until September
8, 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 214845. 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 529 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.”
Our 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 forecasted due to a variety of factors
outside of our control that can affect our 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 our growth
strategy, including our ability to finance our 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 our marketing programs, the
availability of suitable lease sites for new stores, doing business
on an international basis, the ability to source product from our
global supplier base, legal matters and other competitive factors.
The identified risk factors and 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 our
Annual Report on Form 10-K for the year ended January 29, 2011 and
our subsequent Quarterly Reports on Form 10-Q filed through the
date hereof. These cautionary statements qualify all of the
forward-looking statements we make herein. We cannot assure you
that the results or developments anticipated by us will be realized
or, even if substantially realized, that those results or
developments will result in the expected consequences for us or
affect us, our business or our operations in the way we expect. We
caution you not to place undue reliance on these forward-looking
statements, which speak only as of their respective dates. We do
not undertake an obligation to update or revise any forward-looking
statements to reflect actual results or changes in our assumptions,
estimates or projections. These risks should be carefully reviewed
before making any investment decision.
JOS. A. BANK CLOTHIERS, INC. AND
SUBSIDIARIES Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months
Ended July 31, 2010 July 30, 2011 July 31,
2010 July 30, 2011 (In thousands, except per share
information) Net sales $188,412
$230,662 $366,537
$423,932 Cost of goods sold 70,082
86,755 134,891
154,712
Gross profit 118,330
143,907 231,646
269,220 Operating expenses: Sales and
marketing, including occupancy costs 73,748
88,120 144,267
166,972 General and administrative 17,175
21,189 33,911
38,613 Total
operating expenses 90,923
109,309 178,178
205,585 Operating income 27,407
34,598 53,468
63,635 Other income (expense):
Interest income 159
83 274
215 Interest expense (5 )
(18 ) (95 )
(21 ) Total other income
(expense) 154
65 179
194
Income before provision for income taxes 27,561
34,663 53,647
63,829 Provision for income taxes
11,082
14,109 21,360
25,465
Net income $ 16,479
$ 20,554 $
32,287
$ 38,364 Per share information:
Earnings per share: Basic $0.60
$0.74 $1.17
$1.39
Diluted $0.59
$0.74 $1.16
$1.37 Weighted average
shares outstanding: Basic 27,527
27,749 27,527
27,686
Diluted 27,827
27,958 27,823
27,944
Note: The foregoing unaudited Consolidated Statements of Income
are excerpts from our unaudited Consolidated Financial Statements
for the three and six months ended July 31, 2010 and July 30, 2011
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 July 30, 2011 which was filed
with the Securities and Exchange Commission on August 31, 2011.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
January 29, 2011 July 30, 2011 (In Thousands)
(Audited) (Unaudited) ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 80,979
$ 92,691
Short-term investments 189,789
176,975 Accounts receivable,
net 9,525
13,453 Inventories: Finished goods 222,251
256,570 Raw materials 11,059
15,837
Total inventories 233,310
272,407 Prepaid expenses and other
current assets 19,494
22,843 Total
current assets 533,097
578,369 NONCURRENT ASSETS:
Property, plant and equipment, net 128,603
133,223 Other
noncurrent assets 337
310 Total assets $
662,037
$ 711,902 LIABILITIES AND
STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts
payable $ 31,505
$ 45,862 Accrued expenses 88,165
80,255 Deferred tax liability – current 5,276
5,303 Total current liabilities 124,946
131,420
NONCURRENT LIABILITIES: Deferred rent 49,279
48,895
Deferred tax liability – noncurrent 4,147
5,271 Other
noncurrent liabilities 989
1,478 Total
liabilities 179,361
187,064 COMMITMENTS
AND CONTINGENCIES STOCKHOLDERS’ EQUITY: Common stock 275
277 Additional paid-in capital 86,792
90,588 Retained
earnings 395,531
433,895 Accumulated other comprehensive
income 78
78 Total stockholders’ equity
482,676
524,838 Total liabilities and stockholders’
equity $ 662,037
$ 711,902
Note: The foregoing audited and unaudited Consolidated Balance
Sheets are excerpts from our Consolidated Financial Statements (as
of January 29, 2011 and as of July 30, 2011) and do not include the
Notes, which are an integral part thereof. The foregoing financial
information should be read in conjunction with the Company’s
Quarterly Report on Form 10-Q for the quarterly period ended July
30, 2011 and the Annual Report on Form 10-K for the fiscal year
ended January 29, 2011, which were filed with the Securities and
Exchange Commission on August 31, 2011 and March 30, 2011,
respectively.
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended July 31, 2010
July 30, 2011 (In Thousands) Cash flows from
operating activities: Net income $ 32,287
$ 38,364
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation and amortization 11,802
12,595 Loss on disposals of property, plant and equipment 91
122 Non-cash equity compensation 234
1,369 Increase
(decrease) in deferred taxes (1,358 )
1,151 Net (increase)
in operating working capital and other components (17,988 )
(43,093 ) Net cash provided by (used
in) operating activities 25,068
10,508 Cash flows from investing activities:
Capital expenditures (12,471 )
(14,039 )
Proceeds from maturities of short-term
investments
99,895
189,789 Payments to acquire short-term investments
(44,850 )
(176,975 ) Net cash
provided by (used in) investing activities 42,574
(1,225 ) Cash flows from financing
activities: Income tax benefit from exercise of stock options
- 1,883 Net proceeds from exercise of stock options
-
546 Net cash
provided by financing activities -
2,429 Net increase in cash and cash
equivalents 67,642
11,712
Cash and cash equivalents – beginning of period 21,853
80,979 Cash and cash equivalents
– end of period $ 89,495
$ 92,691
Note: The foregoing unaudited Consolidated Statements of Cash
Flows are excerpts from our unaudited Consolidated Financial
Statements for the six months ended July 31, 2010 and July 30, 2011
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 July 30, 2011, which was filed
with the Securities and Exchange Commission on August 31, 2011.
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