JoS. A. Bank Clothiers Reports First Quarter of Fiscal Year 2013 Results
05 Giugno 2013 - 12:00PM
JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces that net
income for the first quarter of fiscal year 2013 was $8.1 million
as compared with net income of $14.8 million for the first quarter
of fiscal year 2012. Diluted earnings for the first quarter of
fiscal year 2013 were $0.29 per share as compared with diluted
earnings of $0.53 per share for the first quarter of fiscal year
2012. The Company previously announced that earnings would be
approximately $0.27 to $0.30 per diluted share.
Total sales for the first quarter of fiscal year 2013 decreased
2.6% to $196.1 million from $201.4 million in the first quarter of
fiscal year 2012. Comparable store sales decreased 8.5% and Direct
Marketing sales increased 12.6% in the first quarter of 2013 as
compared with the first quarter of 2012. Combined comparable store
and Internet sales for the first quarter of fiscal year 2013
decreased 6.4% when compared to the first quarter of fiscal year
2012.
The first quarter of fiscal year 2013 ended May 4, 2013; the
first quarter of fiscal year 2012 ended April 28, 2012.
Commenting on the results for the quarter, R. Neal Black,
President and CEO of JoS. A. Bank Clothiers, Inc. stated: "While we
were able to control our expenses and improve our advertising
efficiency in the quarter, our sales declined 2.6%, primarily in
April. In addition, our gross profit margin was down primarily due
to higher inventory sourcing costs and lower average selling prices
due mostly to an increased percentage of sales of winter and other
clearance products. Like many other retailers, we were also
affected by the unseasonably cool weather which adversely impacted
both our sales and gross profit margin. On the positive side, our
Direct Marketing business, driven primarily by the Internet,
continued to perform well, with double-digit sales growth. The
Company continues to maintain a strong balance sheet and, despite
the slow start to the new year, the first quarter of fiscal year
2013 was still profitable."
"The sales trend has continued into the second quarter of fiscal
year 2013 as sales are down for the fiscal month of May. For the
remainder of 2013, we will continue to focus on our goal of
returning to previous levels of gross margin rates and advertising
productivity. As such, we will continue to test, evaluate and
refine our merchandising and advertising offerings to optimize the
appeal to our customers. Additionally, starting this spring, we
have introduced new and more focused casual assortments and
additional slim-fit suit inventories responding to customer
demand," continued Mr. Black.
A conference call to discuss the first quarter of fiscal
year 2013 earnings will be held Thursday, June 6, 2013 at 11:00
a.m. Eastern Time (ET). To join in the call please dial (USA)
800-230-1074 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 June 6, 2013 until June 13, 2013 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 293220. In
addition, a webcast replay of the conference call will be posted on
the investor relations section of our website:
www.josbank.com.
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 606 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, 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 the economy, 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 February 2, 2013 and our Quarterly Report on
Form 10-Q filed on 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. Interim period sales are not necessarily indicative of sales
expected for the full quarter. Furthermore, sales are just one
component of earnings and no projection of earnings should be
inferred from any discussion of interim period sales or other
information in this release. 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,
Md. |
David E. Ullman |
EVP/CFO |
410-239-5715 |
|
or Investor Relations Information Request
Website
http://phx.corporate-ir.net/phoenix.zhtml?c=113815&p=irol-inforeq |
|
or Investor Relations Voicemail,
410-239-5900 |
|
E-commerce Address for JoS. A. Bank
Clothiers, Inc.: |
www.josbank.com |
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Statements of Income |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
April 28,
2012 |
May 4,
2013 |
|
|
|
Net sales |
$ 201,354 |
$196,055 |
Cost of goods sold |
73,593 |
76,869 |
Gross profit |
127,761 |
119,186 |
Operating expenses: |
|
|
Sales and marketing, including
occupancy costs |
85,762 |
88,701 |
General and administrative |
17,591 |
17,532 |
Total operating expenses |
103,353 |
106,233 |
Operating income |
24,408 |
12,953 |
Other income (expense): |
|
|
Interest income |
68 |
171 |
Interest expense |
(12) |
(5) |
Total other income (expense) |
56 |
166 |
Income before provision for income taxes |
24,464 |
13,119 |
Provision for income taxes |
9,632 |
5,031 |
Net income |
$ 14,832 |
$ 8,088 |
Per share information: |
|
|
Earnings per share: |
|
|
Basic |
$ 0.53 |
$ 0.29 |
Diluted |
$ 0.53 |
$ 0.29 |
Weighted average shares outstanding: |
|
|
Basic |
27,831 |
27,965 |
Diluted |
27,995 |
28,047 |
|
|
|
Note: The foregoing unaudited
Consolidated Statements of Income are excerpts from our unaudited
Consolidated Financial Statements for the three months ended
April 28, 2012 and May 4, 2013 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 May 4, 2013, which was filed with the Securities
and Exchange Commission on June 5, 2013. |
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Balance Sheets |
|
|
|
|
February 2,
2013 |
May 4,
2013 |
|
(In
thousands) |
|
(Audited) |
(Unaudited) |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 71,288 |
$ 30,878 |
Short-term investments |
305,833 |
289,852 |
Accounts receivable, net |
10,644 |
21,073 |
Inventories: |
|
|
Finished goods |
317,635 |
348,570 |
Raw materials |
12,867 |
11,796 |
Total inventories |
330,502 |
360,366 |
Prepaid expenses and other
current assets |
23,922 |
27,257 |
Total current assets |
742,189 |
729,426 |
NONCURRENT ASSETS: |
|
|
Property, plant and equipment,
net |
152,360 |
151,806 |
Other noncurrent assets |
298 |
215 |
Total assets |
$ 894,847 |
$ 881,447 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 53,782 |
$ 41,333 |
Accrued expenses |
104,639 |
97,528 |
Deferred tax liability —
current |
11,928 |
11,916 |
Total current liabilities |
170,349 |
150,777 |
NONCURRENT LIABILITIES: |
|
|
Deferred rent |
45,531 |
43,811 |
Deferred tax liability —
noncurrent |
9,791 |
9,261 |
Other noncurrent
liabilities |
1,613 |
1,650 |
Total liabilities |
227,284 |
205,499 |
COMMITMENTS AND CONTINGENCIES |
|
|
STOCKHOLDERS' EQUITY: |
|
|
Preferred Stock |
— |
— |
Common stock |
279 |
279 |
Additional paid-in capital |
94,757 |
95,054 |
Retained earnings |
572,718 |
580,806 |
Accumulated other comprehensive
income (loss) |
(191) |
(191) |
Total stockholders' equity |
667,563 |
675,948 |
Total liabilities and
stockholders' equity |
$ 894,847 |
$ 881,447 |
|
|
|
Note: The foregoing audited and
unaudited Consolidated Balance Sheets are excerpts from our
Consolidated Financial Statements (as of February 2, 2013 and
as of May 4, 2013) 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 May 4, 2013 and
the Annual Report on Form 10-K for the fiscal year ended
February 2, 2013, which were filed with the Securities and
Exchange Commission on June 5, 2013 and April 3, 2013,
respectively. |
|
JOS. A. BANK CLOTHIERS,
INC. AND SUBSIDIARIES |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
April 28,
2012 |
May 4,
2013 |
|
(In
thousands) |
Cash flows from operating activities: |
|
|
Net income |
$ 14,832 |
$ 8,088 |
Adjustments to reconcile net income to net
cash (used in) operating activities: |
|
|
Depreciation and
amortization |
6,820 |
7,493 |
Loss on disposals of property,
plant and equipment |
42 |
28 |
Non-cash equity
compensation |
599 |
510 |
Increase (decrease) in deferred
taxes |
(655) |
(542) |
Net (increase) in
operating working capital and other components |
(78,890) |
(65,860) |
Net cash (used in)
operating activities |
(57,252) |
(50,283) |
Cash flows from investing activities: |
|
|
Capital expenditures |
(5,937) |
(5,895) |
Proceeds from maturities of
short-term investments |
118,958 |
140,915 |
Payments to acquire short-term
investments |
(112,270) |
(124,934) |
Net cash provided by
investing activities |
751 |
10,086 |
Cash flows from financing activities: |
|
|
Income tax benefit from equity
compensation plans |
14 |
(40) |
Net proceeds from issuance of
common stock |
— |
— |
Tax payments related to equity
compensation plans |
(372) |
(173) |
Net cash (used in)
financing activities |
(358) |
(213) |
Net (decrease) in cash and cash
equivalents |
(56,859) |
(40,410) |
Cash and cash equivalents — beginning of
period |
87,230 |
71,288 |
Cash and cash equivalents — end of
period |
$ 30,371 |
$ 30,878 |
|
|
|
Note: The foregoing unaudited
Consolidated Statements of Cash Flows are excerpts from our
unaudited Consolidated Financial Statements for the three months
ended April 28, 2012 and May 4, 2013 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 May 4, 2013, which was filed with
the Securities and Exchange Commission on June 5, 2013. |
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