JoS. A. Bank Clothiers Provides Fiscal Year 2012 Earnings Update
26 Gennaio 2013 - 2:05AM
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces that net
income for fiscal year 2012 is expected to be approximately 20%
lower than net income for fiscal year 2011. Actual results will
depend on, among other things, sales for the remainder of the year,
expenses and normal year-end processing. Fiscal year 2012 is a
53-week year which will end February 2, 2013; fiscal year 2011 was
a 52 week year which ended January 28, 2012.
Commenting on the earnings update, R. Neal Black, President and
CEO of JoS. A. Bank Clothiers, Inc. stated: "Total company sales
for the year will be up, but not enough to offset higher marketing
expenses and lower gross margin. We are disappointed that we were
not able to drive the sales gains we had expected. The fourth
quarter started out slowly, as the first two weeks of fiscal
November were negatively impacted by the aftermath of Hurricane
Sandy, the distractions created by the presidential election and
the uncertainty of the fiscal cliff. Going into the critical
holiday selling season, starting on Black Friday, we believed we
had a strong marketing and promotional strategy for the period.
However, many of the promotional items and a large part of our
holiday assortment were items that sell best in cold weather and
the weather was unseasonably warm. Historically, we have had
strength with these types of items, but our customers (specifically
at our stores) didn't respond as well to our promotional offers as
they had in the past. Our customers responded well to our suit
promotions during this period, but our non-suit customers responded
poorly to our holiday season offerings, even at very low prices on
products such as sweaters, outerwear, hats, gloves, scarves, and
jackets made of heavier fabrics such as camel's hair and cashmere.
On the positive side, our Direct Marketing business continues to
perform well, with double-digit sales growth so far for the fourth
quarter. Despite the disappointing earnings results on a
year-over-year basis, the fourth quarter and full year of fiscal
2012 will still be very profitable."
"The Company continues to maintain solid cash flows and a strong
balance sheet. Additionally, during fiscal year 2012 we achieved
several positive accomplishments. We opened our 600th store during
the year, opened a total of 46 new stores in fiscal year 2012 and
expect to open between 45 and 50 new stores in fiscal year 2013. We
have continued to grow our new business initiatives such as our
tuxedo rental and big and tall businesses which are starting to
gain critical mass. And, for the first time we exceeded the $1
billion annual sales milestone in fiscal year 2012. We continue to
remain very positive about the Company's long-term prospects,"
stated Mr. Black.
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 602 stores in 44 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,
Maryland, and its common stock is listed on the NASDAQ Global
Select Market under the symbol "JOSB."
Our statements concerning future operations and results
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, including compliance with relevant legal
requirements, 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 and regulatory
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, but not limited to, those
described under "Risk Factors" in our Annual Report on Form 10-K
for the year ended January 28, 2012 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.
CONTACT: JoS. A. Bank Clothiers, Inc.,
Hampstead, Maryland. |
David E. Ullman |
Executive Vice President/Chief Financial
Officer |
410-239-5715 |
|
or Investor Relations Information Request
Website
(http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-IRHome) |
|
or Investor Relations Voicemail,
410-239-5900 |
|
E-commerce Address for JoS. A. Bank
Clothiers, Inc.: |
www.josbank.com |
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