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| 8-K - FORM 8-K FILING DOCUMENT - BANK JOS A CLOTHIERS INC /DE/ | document.htm |
EXHIBIT 99.1
JoS. A. Bank Clothiers Reports Fiscal Year 2011 Results; Profits Increase 13.6%
HAMPSTEAD, Md., March 28, 2012 (GLOBE NEWSWIRE) -- JoS. A. Bank Clothiers, Inc. (Nasdaq:JOSB) announces today record results for its fiscal year ended January 28, 2012 ("fiscal year 2011").
Net income for fiscal year 2011 increased 13.6% to a record $97.5 million, as compared with net income of $85.8 million for the fiscal year ended January 29, 2011 ("fiscal year 2010"). Earnings per share for fiscal year 2011 increased 13.3% to $3.49 as compared with earnings per share of $3.08 for fiscal year 2010.
Net sales reached a record of $979.9 million in fiscal year 2011, representing a 14.2% gain as compared with net sales of $858.1 million in fiscal year 2010. Comparable store sales increased 7.6% during fiscal year 2011, while Direct Marketing sales increased 14.7%.
"We are pleased with our financial performance in 2011. Earnings were up 13.6% and sales increased by 14.2%, driven primarily by strong comparable store and Direct Marketing sales growth and sales generated by new stores. With the results of the fourth quarter of 2011, we have achieved earnings growth in 41 of the past 42 quarters when compared to the respective prior year periods, including 23 quarters in a row," stated R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "The first quarter of 2012 has started out more slowly than we had planned with declines in both comparable store sales and Direct Marketing sales for the first 8 weeks of the quarter. The declines are primarily due to weaker than expected traffic and also due to the warmer winter weather which is resulting in significantly lower sales of outerwear and cold weather merchandise. We are making marketing changes to address the sales trend. We believe that these changes will be effective and appealing to our customers; however we remain cautious about the outcome of the first quarter of 2012," continued Mr. Black.
A conference call to discuss fiscal year 2011 earnings will be held Thursday, March 29, 2012 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1085 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 March 29, 2012 until April 5, 2012 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 241638. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com.
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 556 stores in 43 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, 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 our Annual Report on Form 10-K for the year ended January 28, 2012. 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. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| AS OF JANUARY 29, 2011 AND JANUARY 28, 2012 | ||
| January 29, 2011 | January 28, 2012 | |
| (In thousands, except share information) | ||
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $80,979 | $87,230 |
| Short-term investments | 189,789 | 240,252 |
| Accounts receivable, net | 9,525 | 15,906 |
| Inventories | 233,310 | 304,655 |
| Prepaid expenses and other current assets | 19,494 | 20,886 |
| Total current assets | 533,097 | 668,929 |
| NONCURRENT ASSETS: | ||
| Property, plant and equipment, net | 128,603 | 144,392 |
| Other noncurrent assets | 337 | 291 |
| Total assets | $662,037 | $813,612 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $31,505 | $66,664 |
| Accrued expenses | 88,165 | 92,937 |
| Deferred tax liability — current | 5,276 | 8,479 |
| Total current liabilities | 124,946 | 168,080 |
| NONCURRENT LIABILITIES: | ||
| Deferred rent | 49,279 | 47,600 |
| Deferred tax liability — noncurrent | 4,147 | 11,973 |
| Other noncurrent liabilities | 989 | 1,025 |
| Total liabilities | 179,361 | 228,678 |
| COMMITMENTS AND CONTINGENCIES | ||
| STOCKHOLDERS' EQUITY: | ||
| Preferred stock, $1.00 par, 500,000 shares authorized, none issued or outstanding | — | — |
| Common stock, $0.01 par, 45,000,000 shares authorized, 27,622,054 issued and outstanding at January 29, 2011 and 27,827,837 issued and outstanding at January 28, 2012 | 275 | 277 |
| Additional paid-in capital | 86,792 | 91,766 |
| Retained earnings | 395,531 | 493,022 |
| Accumulated other comprehensive income (loss) | 78 | (131) |
| Total stockholders' equity | 482,676 | 584,934 |
| Total liabilities and stockholders' equity | $662,037 | $813,612 |
| Note: The foregoing audited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 29, 2011 and as of January 28, 2012) 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 28, 2012, which was filed with the Securities and Exchange Commission on March 28, 2012. | ||
| JOS. A. BANK CLOTHIERS, INC. | |||
| CONSOLIDATED STATEMENTS OF INCOME | |||
| FOR THE YEARS ENDED JANUARY 30, 2010, JANUARY 29, 2011 AND JANUARY 28, 2012 | |||
| Fiscal Year | |||
| 2009 | 2010 | 2011 | |
| (In thousands, except per share information) | |||
| NET SALES | $770,316 | $858,128 | $979,852 |
| Cost of goods sold | 298,193 | 320,585 | 371,577 |
| GROSS PROFIT | 472,123 | 537,543 | 608,275 |
| OPERATING EXPENSES: | |||
| Sales and marketing, including occupancy costs | 293,663 | 326,464 | 372,268 |
| General and administrative | 61,057 | 69,472 | 76,600 |
| Total operating expenses | 354,720 | 395,936 | 448,868 |
| OPERATING INCOME | 117,403 | 141,607 | 159,407 |
| OTHER INCOME (EXPENSE): | |||
| Interest income | 375 | 589 | 347 |
| Interest expense | (395) | (136) | (312) |
| Total other income (expense) | (20) | 453 | 35 |
| Income before provision for income taxes | 117,383 | 142,060 | 159,442 |
| Provision for income taxes | 46,228 | 56,261 | 61,951 |
| NET INCOME | $71,155 | $85,799 | $97,491 |
| PER SHARE INFORMATION | |||
| Earnings per share: | |||
| Basic | $2.59 | $3.11 | $3.51 |
| Diluted | $2.56 | $3.08 | $3.49 |
| Weighted average shares outstanding: | |||
| Basic | 27,452 | 27,553 | 27,757 |
| Diluted | 27,785 | 27,851 | 27,961 |
| Note: The foregoing audited Consolidated Statements of Income are excerpts from our Consolidated Financial Statements for each of the three years ended January 28, 2012 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 28, 2012 which was filed with the Securities and Exchange Commission on March 28, 2012. | |||
| JOS. A. BANK CLOTHIERS, INC. | |||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| FOR THE YEARS ENDED JANUARY 30, 2010, JANUARY 29, 2011 AND JANUARY 28, 2012 | |||
| Fiscal Year | |||
| 2009 | 2010 | 2011 | |
| (In thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $71,155 | $85,799 | $97,491 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 22,382 | 24,479 | 26,101 |
| Loss on disposals of property, plant and equipment | 160 | 357 | 311 |
| Asset impairment charges | 1,554 | 1,215 | 294 |
| Non-cash equity compensation | — | 1,252 | 2,547 |
| Increase (decrease) in deferred taxes | (2,537) | 2,751 | 11,029 |
| Changes in assets and liabilities: | |||
| (Increase) decrease in accounts receivable | 1,544 | (3,665) | (6,381) |
| (Increase) in inventories | (9,079) | (14,989) | (71,345) |
| (Increase) decrease in prepaids and other current assets | 1,741 | (3,459) | (1,392) |
| Decrease in non-current assets | 61 | 83 | 46 |
| Increase (decrease) in accounts payable | (11,549) | 13,280 | 35,159 |
| Increase (decrease) in accrued expenses | 12,120 | 1,738 | (77) |
| (Decrease) in deferred rent | (2,890) | (2,574) | (1,679) |
| Increase (decrease) in other noncurrent liabilities | 86 | (28) | (288) |
| Net cash provided by operating activities | 84,748 | 106,239 | 91,816 |
| CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
| Payments for capital expenditures | (16,333) | (29,352) | (37,531) |
| Proceeds from maturities of short-term investments | 34,951 | 169,736 | 393,424 |
| Payments to acquire short-term investments | (204,687) | (189,789) | (443,887) |
| Net cash (used in) investing activities | (186,069) | (49,405) | (87,994) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Income tax benefit from stock compensation plans | 65 | 1,300 | 1,883 |
| Net proceeds from issuance of common stock | 234 | 1,013 | 546 |
| Fractional share payments | — | (21) | — |
| Net cash provided by financing activities | 299 | 2,292 | 2,429 |
| Net increase (decrease) in cash and cash equivalents | (101,022) | 59,126 | 6,251 |
| CASH AND CASH EQUIVALENTS, beginning of year | 122,875 | 21,853 | 80,979 |
| CASH AND CASH EQUIVALENTS, end of year | $21,853 | $80,979 | $87,230 |
| Note: The foregoing audited Consolidated Statements of Cash Flows are excerpts from our Consolidated Financial Statements for each of the three years ended January 28, 2012 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 28, 2012 which was filed with the Securities and Exchange Commission on March 28, 2012. | |||
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