Bank Jos A Clothiers (JOSB) 8-K JoS. A. Bank Clothiers Reports 7% Increase in Profits for Third Quarter of Fiscal Year 2010

Exhibit 99.1

JoS. A. Bank Clothiers Reports 7% Increase in Profits for Third Quarter of Fiscal Year 2010

HAMPSTEAD, Md.--(BUSINESS WIRE)--December 1, 2010--JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that net income for the third quarter of fiscal year 2010 increased 7.1% to $12.6 million, as compared to $11.7 million for the third quarter of fiscal year 2009. Earnings per share for the third quarter of fiscal year 2010 increased 7.1% to $0.45 per share, as compared to $0.42 per share for the third quarter of fiscal year 2009. The third quarter of fiscal year 2010 ended October 30, 2010; the third quarter of fiscal year 2009 ended October 31, 2009.

Total sales for the third quarter of fiscal year 2010 increased 7.4% to $173.3 million from $161.3 million in the third quarter of fiscal year 2009, while comparable store sales increased 3.0% and Direct Marketing sales increased 14.9%.

Comparing the first nine months of fiscal year 2010 with the first nine months of fiscal year 2009, net income increased 25.6% to $44.9 million, as compared to $35.7 million and earnings per share increased 24.8% to $1.61 per share, as compared to $1.29 per share. Total sales for the first nine months of fiscal year 2010 increased 9.9% to $539.8 million from $491.0 million for the first nine months of fiscal year 2009, while comparable store sales increased 7.6% and Direct Marketing sales increased 8.4%.

“Sales for the quarter were positive but started out below plan in August and then picked up in September and October with each month getting progressively better, and then were even stronger in November and early December,” commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "The hot weather in August was hard on us and it was tough to stage a big rebound after that due to the election; however, with these third quarter results, we have achieved record earnings growth in 36 of the past 37 quarters when compared to the respective prior year periods, including 18 quarters in a row. Right now, to date, the fourth quarter has started out strong. November suit sales and total sales were up substantially compared to last year and were ahead of our plans. Our fourth quarter results last year were very strong. Therefore we remain cautious, but our merchandising and marketing plans are in place for the most important selling period of the quarter and the year and we have confidence in those plans,” continued Mr. Black.

All earnings per share amounts in this news release represent diluted earnings per share. All share and per share amounts of common shares included in this release have been adjusted to reflect the stock split in the form of a 50% stock dividend distributed on August 18, 2010.

A conference call to discuss the third quarter of fiscal year 2010 earnings will be held Thursday, December 2, 2010 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1074 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 December 2, 2010 until December 9, 2010 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 182157. 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”).

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 502 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 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 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 30, 2010 and the Company's subsequent Quarterly Reports on Form 10-Q filed through the date hereof. 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. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In Thousands Except Per Share Data)
(Unaudited)
	Three Months Ended						Nine Months Ended
	October 31, 2009			October 30, 2010			October 31, 2009			October 30, 2010
Net sales	$	161,309		$	173,268		$	490,969		$	539,805
Cost of goods sold		60,502			62,429			188,531			197,320
Gross profit		100,807			110,839			302,438			342,485
Operating expenses:
Sales and marketing, including occupancy costs		67,450			73,961			200,079			218,228
General and administrative		14,043			16,421			43,514			50,332
Total operating expenses		81,493			90,382			243,593			268,560
Operating income		19,314			20,457			58,845			73,925
Other income (expense):
Interest income		101			148			262			422
Interest expense		(93	)		(33	)		(301	)		(128	)
Total other income (expense)		8			115			(39	)		294
Income before provision for income taxes		19,322			20,572			58,806			74,219
Provision for income taxes		7,594			8,009			23,111			29,369
Net income	$	11,728		$	12,563		$	35,695		$	44,850
Per share information:
Earnings per share:
Basic	$	0.43		$	0.46		$	1.30		$	1.63
Diluted	$	0.42		$	0.45		$	1.29		$	1.61
Weighted average shares outstanding:
Basic		27,438			27,534			27,437			27,529
Diluted		27,798			27,849			27,778			27,831

Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our unaudited Condensed Consolidated Financial Statements for the three and nine months ended October 31, 2009 and October 30, 2010 and do not include the Notes, which are 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 October 30, 2010, which was filed with the Securities and Exchange Commission on December 1, 2010.

JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In Thousands)
	January 30, 2010		October 30, 2010
	(Audited)		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	21,853	$	98,507
Short-term investments		169,736		79,746
Accounts receivable, net		5,860		11,950
Inventories:
Finished goods		209,443		258,328
Raw materials		8,878		10,373
Total inventories		218,321		268,701
Prepaid expenses and other current assets		16,035		27,949
Total current assets		431,805		486,853
NONCURRENT ASSETS:
Property, plant and equipment, net		124,139		133,742
Other noncurrent assets		420		533
Total assets	$	556,364	$	621,128
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	18,225	$	44,991
Accrued expenses		85,256		76,726
Deferred tax liability – current		5,064		4,595
Total current liabilities		108,545		126,312
NONCURRENT LIABILITIES:
Deferred rent		51,853		50,205
Deferred tax liability – noncurrent		1,608		2,532
Other noncurrent liabilities		1,048		878
Total liabilities		163,054		179,927
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock		183		275
Additional paid-in capital		83,249		86,289
Retained earnings		309,823		354,582
Accumulated other comprehensive income		55		55
Total stockholders’ equity		393,310		441,201
Total liabilities and stockholders’ equity	$	556,364	$	621,128

Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of January 30, 2010 and October 30, 2010) 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 October 30, 2010 and the Annual Report on Form 10-K for the fiscal year ended January 30, 2010, which were filed with the Securities and Exchange Commission on December 1, 2010 and March 31, 2010, respectively.

JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
	Nine Months Ended
	October 31, 2009			October 30, 2010
Cash flows from operating activities:
Net income	$	35,695		$	44,850
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		16,533			18,107
Loss on disposals of property, plant and equipment		120			150
Non-cash equity compensation		-			701
Increase (decrease) in deferred taxes		(200	)		455
Net (increase) in operating working capital and other components		(57,730	)		(59,194	)
Net cash provided by (used in) operating activities		(5,582	)		5,069
Cash flows from investing activities:
Capital expenditures		(10,595	)		(20,696	)
Net maturities (purchases) of short-term investments		(64,879	)		89,990
Net cash provided by (used in) investing activities		(75,474	)		69,294
Cash flows from financing activities:
Income tax benefit from exercise of stock options		57			1,300
Net proceeds from exercise of stock options		38			1,012
Fractional share payments		-			(21	)
Net cash provided by financing activities		95			2,291
Net increase (decrease) in cash and cash equivalents		(80,961	)		76,654
Cash and cash equivalents – beginning of period		122,875			21,853
Cash and cash equivalents – end of period	$	41,914		$	98,507

Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our unaudited Condensed Consolidated Financial Statements for the nine months ended October 31, 2009 and October 30, 2010 and do not include the Notes, which are 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 October 30, 2010, which was filed with the Securities and Exchange Commission on December 1, 2010.

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