EXHIBIT 99.1
HAMPSTEAD, Md., May 30, 2012 (GLOBE NEWSWIRE) -- JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market: JOSB) announces that total sales for the first quarter of fiscal year 2012 increased 4.2% to $201.4 million from $193.3 million in the first quarter of fiscal year 2011. Comparable store sales and Direct Marketing sales each declined 1.0% in the first quarter of 2012. Net income for the first quarter of fiscal year 2012 declined to $14.8 million as compared with net income of $17.8 million for the first quarter of fiscal year 2011. Earnings per share for the first quarter of fiscal year 2012 declined to $0.53 per share as compared with earnings per share of $0.64 for the first quarter of fiscal year 2011. The first quarter of fiscal year 2012 ended April 28, 2012; the first quarter of fiscal year 2011 ended April 30, 2011.
"Net income in the first quarter of fiscal year 2012 was 7.4% of sales as compared with 9.2% of sales in the first quarter of fiscal year 2011. Sales started more slowly than we had planned for the first eight weeks of the quarter. After making marketing changes beginning in week nine, sales improved substantially," stated R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "So far the second quarter has started out much better than the first quarter. For May, both our comparable store sales and Direct Marketing sales are up compared to the same period last year, continuing the positive trend established in the last five weeks of the first quarter. However, Father's Day, the most important selling period of the quarter, is still ahead of us," continued Mr. Black.
A conference call to discuss the first quarter of fiscal year 2012 earnings will be held Thursday, May 31, 2012 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 800-230-1085 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 May 31, 2012 until June 7, 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 249480. 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 562 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 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 and our subsequent Quarterly Report 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 | ||
| April 30, 2011 | April 28, 2012 | |
| (In thousands, except per share information) | ||
| Net sales | $ 193,270 | $ 201,354 |
| Cost of goods sold | 67,957 | 73,593 |
| Gross profit | 125,313 | 127,761 |
| Operating expenses: | ||
| Sales and marketing, including occupancy costs | 78,852 | 85,762 |
| General and administrative | 17,424 | 17,591 |
| Total operating expenses | 96,276 | 103,353 |
| Operating income | 29,037 | 24,408 |
| Other income (expense): | ||
| Interest income | 132 | 68 |
| Interest expense | (3) | (12) |
| Total other income (expense) | 129 | 56 |
| Income before provision for income taxes | 29,166 | 24,464 |
| Provision for income taxes | 11,356 | 9,632 |
| Net income | $ 17,810 | $ 14,832 |
| Per share information: | ||
| Earnings per share: | ||
| Basic | $ 0.64 | $ 0.53 |
| Diluted | $ 0.64 | $ 0.53 |
| Weighted average shares outstanding: | ||
| Basic | 27,622 | 27,831 |
| Diluted | 27,928 | 27,995 |
| Note: The foregoing unaudited Consolidated Statements of Income are excerpts from our unaudited Consolidated Financial Statements for the three months ended April 30, 2011 and April 28, 2012 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 April 28, 2012 which was filed with the Securities and Exchange Commission on May 30, 2012. | ||
| JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES | ||
| Condensed Consolidated Balance Sheets | ||
| January 28, 2012 | April 28, 2012 | |
| (In thousands) | ||
| (Audited) | (Unaudited) | |
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 87,230 | $ 30,371 |
| Short-term investments | 240,252 | 233,564 |
| Accounts receivable, net | 15,906 | 19,309 |
| Inventories: | ||
| Finished goods | 288,182 | 332,832 |
| Raw materials | 16,473 | 18,060 |
| Total inventories | 304,655 | 350,892 |
| Prepaid expenses and other current assets | 20,886 | 25,545 |
| Total current assets | 668,929 | 659,681 |
| NONCURRENT ASSETS: | ||
| Property, plant and equipment, net | 144,392 | 142,671 |
| Other noncurrent assets | 291 | 280 |
| Total assets | $ 813,612 | $ 802,632 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $ 66,664 | $ 52,058 |
| Accrued expenses | 92,937 | 83,297 |
| Deferred tax liability — current | 8,479 | 8,483 |
| Total current liabilities | 168,080 | 143,838 |
| NONCURRENT LIABILITIES: | ||
| Deferred rent | 47,600 | 46,073 |
| Deferred tax liability — noncurrent | 11,973 | 11,314 |
| Other noncurrent liabilities | 1,025 | 1,400 |
| Total liabilities | 228,678 | 202,625 |
| COMMITMENTS AND CONTINGENCIES | ||
| STOCKHOLDERS' EQUITY: | ||
| Common stock | 277 | 277 |
| Additional paid-in capital | 91,766 | 92,007 |
| Retained earnings | 493,022 | 507,854 |
| Accumulated other comprehensive income (loss) | (131) | (131) |
| Total stockholders' equity | 584,934 | 600,007 |
| Total liabilities and stockholders' equity | $ 813,612 | $ 802,632 |
| Note: The foregoing audited and unaudited Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 28, 2012 and as of April 28, 2012) 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 April 28, 2012 and the Annual Report on Form 10-K for the fiscal year ended January 28, 2012, which were filed with the Securities and Exchange Commission on May 30, 2012 and March 28, 2012, respectively. | ||
| Condensed Consolidated Statements of Cash Flows | ||
| (Unaudited) | ||
| Three Months Ended | ||
| April 30, 2011 | April 28, 2012 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net income | $ 17,810 | $ 14,832 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 6,246 | 6,820 |
| Loss on disposals of property, plant and equipment | 61 | 42 |
| Non-cash equity compensation | 558 | 599 |
| Increase (decrease) in deferred taxes | 418 | (655) |
| Net (increase) in operating working capital and other components | (37,978) | (78,890) |
| Net cash (used in) operating activities | (12,885) | (57,252) |
| Cash flows from investing activities: | ||
| Capital expenditures | (5,592) | (5,937) |
| Proceeds from maturities of short-term investments | 179,814 | 118,958 |
| Payments to acquire short-term investments | (158,979) | (112,270) |
| Net cash provided by investing activities | 15,243 | 751 |
| Cash flows from financing activities: | ||
| Income tax benefit from equity compensation plans | 61 | 14 |
| Net proceeds from issuance of common stock | 67 | — |
| Tax payments related to equity compensation plans | — | (372) |
| Net cash provided by (used in) financing activities | 128 | (358) |
| Net increase (decrease) in cash and cash equivalents | 2,486 | (56,859) |
| Cash and cash equivalents — beginning of period | 80,979 | 87,230 |
| Cash and cash equivalents — end of period | $ 83,465 | $ 30,371 |
| Note: The foregoing unaudited Consolidated Statements of Cash Flows are excerpts from our unaudited Consolidated Financial Statements for the three months ended April 30, 2011 and April 28, 2012 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 April 28, 2012, which was filed with the Securities and Exchange Commission on May 30, 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-IRHome),
or Investor Relations Voicemail, 410-239-5900
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com