Exhibit 99.1
Jos. A. Bank Clothiers Reports Record Results; Earnings Rise 20%;
Sales Rise 11.6%; Company Re-affirms Fiscal Year 2003 Earnings
Guidance
HAMPSTEAD, Md.--(BUSINESS WIRE)--May 20, 2003--Jos. A. Bank
Clothiers, Inc. (Nasdaq:JOSB) announced earnings per share of $.30 for
the first quarter of 2003 compared with earnings per share of $.25 in
the first quarter of 2002- representing an increase of 20% and another
record quarter for the Company when compared with the prior year. The
first quarter 2003 results also exceed the consensus analyst estimates
of $.28 per share.
The Company also re-affirmed its previous earnings per share
guidance of $1.75 to $1.85 for fiscal year 2003, compared with
earnings per share of $1.55 in fiscal year 2002.
"We are pleased to continue our trend of record earnings despite
having to deal with a difficult retail environment that was negatively
impacted by snowstorms early in the quarter, as well as the war in
Iraq," said Robert N. Wildrick, Chief Executive Officer of Jos. A.
Bank Clothiers, Inc. "Our fifteen new store openings in the first
quarter are on track with our goal of opening approximately 50 stores
this year and our plan to increase the chain to 500 stores by the end
of 2007."
As previously reported, total sales for the first quarter ended
May 3, 2003 increased 11.6% to $62.3 million, compared with $55.8
million in the first quarter of 2002. Comparable store sales increased
0.6% while combined catalog and internet sales increased 15.7% in the
first quarter of 2003.
The fifteen new stores opened during the first quarter of 2003
included four stores in Florida, as well as the Company's first stores
in California (two), Nevada (one) and West Virginia (one), with the
remaining stores opened in existing markets.
All earnings per share amounts discussed herein refer to diluted
earnings per share.
A conference call to discuss this earnings press release is
scheduled for 10:00 a.m. Eastern Time (EDT) on May 20, 2003. To
participate in the call please dial 800/230-1074 at least five minutes
before 10:00 a.m. EDT. A replay of the conference call will be
available until May 27, 2003 by dialing (USA) 800/475-6701 or
(International) 320/365-3844. The access code for the replay will be
684126.
Jos. A. Bank Clothiers, Inc., established in 1905, is one of the
nation's leading retailers of men's classically-styled tailored and
casual clothing, sportswear, footwear and accessories. The Company
sells its full product line through 175 stores in 33 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
National 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 as risks
associated with economic, weather, public health and other factors
affecting consumer spending, the ability of the Company to finance its
expansion plans, the mix and pricing of goods sold, the market price
of key raw materials such as wool and cotton, availability of lease
sites for new stores, the ability to source product from its global
supplier base and other competitive factors. 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, and assumes no obligation to update any of the forward-looking
statements. These and other risks are detailed in the Company's
periodic filings with the Securities and Exchange Commission and
should be carefully reviewed before making any investment decision.
Jos. A. Bank Clothiers, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except earnings per share)
Three Months Ended
May 3, May 4,
2003 2002
----------- -----------
(unaudited) (unaudited)
Net sales $ 62,272 $ 55,760
-------- --------
Costs and expenses:
Cost of goods sold 26,672 26,411
General and administrative 7,043 5,849
Sales and marketing 24,114 20,342
Store opening costs 366 27
-------- --------
58,195 52,629
-------- --------
Operating income 4,077 3,131
Interest expense, net 303 293
-------- --------
Income before provision for income taxes 3,774 2,838
Provision for income taxes 1,600 1,107
-------- --------
Net income $ 2,174 $ 1,731
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Earnings per share:
Net income:
Basic $ 0.35 $ 0.29
Diluted $ 0.30 $ 0.25
Weighted average shares outstanding:
Basic 6,199 6,045
Diluted 7,244 6,819
Jos. A. Bank Clothiers, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands)
May 3, Feb. 1, May 4,
2003 2003 2002
----------- --------- -----------
(unaudited) (audited) (unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,354 $ 8,389 $ 1,182
Accounts receivable, net 4,860 2,830 3,599
Inventories, net 96,558 78,256 63,938
Prepaid expenses and other current
assets 7,255 7,071 6,364
------------- --------- ---------
Total current assets 110,027 96,546 75,083
Property, plant and equipment, net 40,860 36,573 33,815
Other noncurrent assets, net 857 874 949
------------- --------- ---------
Total assets $151,744 $133,993 $109,847
============= ======== ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accounts payable $ 31,212 $ 29,373 $ 18,276
Accrued expenses 24,073 24,569 19,305
Current portion of long-term debt 1,215 1,195 710
------------- --------- ---------
Total current liabilities 56,500 55,137 38,291
NONCURRENT LIABILITIES:
Long-term debt, net of current
portion 23,421 9,324 12,528
Deferred rent and other noncurrent
liabilities 3,935 3,884 3,094
------------- --------- ---------
Total liabilities 83,856 68,345 53,913
------------- --------- ---------
STOCKHOLDERS' EQUITY:
Common stock 73 73 73
Additional paid-in capital 59,025 59,005 58,507
Retained earnings 13,848 11,628 2,412
------------- --------- ---------
72,946 70,706 60,992
Less treasury stock (5,058) (5,058) (5,058)
------------- --------- ---------
Total stockholders' equity 67,888 65,648 55,934
------------- --------- ---------
Total liabilities and
stockholders' equity $151,744 $133,993 $109,847
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CONTACT: JoS. A. Bank Clothiers, Inc., Hampstead
Robert N. Wildrick, CEO, 410/239-5711
David E. Ullman, EVP/CFO, 410/239-5715
or
RJ Falkner and Company, Inc.
Investor Relations Counsel
Jerry Falkner, 800/377-9893
info@rjfalkner.com
E-commerce Address: www.josbank.com