Exhibit 99.1
JoS. A. Bank Clothiers Reports 34.0%
Increase in December Sales; Comparable Store Sales Gain 20.7%; Company
Raises Earnings Guidance Again
HAMPSTEAD, Md.--(BUSINESS WIRE)--Jan. 5, 2006--JoS. A. Bank
Clothiers, Inc. (Nasdaq National Market: "JOSB") today reported that
its total net sales for the fiscal month ended December 31, 2005
(fiscal December 2005) increased 34.0% to $91.1 million, compared with
$68.0 million in fiscal December 2004. Comparable store sales
increased 20.7% and combined catalog and Internet sales increased
34.1% in fiscal December 2005, when compared with the same prior-year
period. The comparable store sales gain represents the third
consecutive year that JoS. A. Bank Clothiers has posted double digit
comparable stores sales gains in the fiscal month of December.
The Company also noted that it expects earnings per share for the
fiscal year ending January 28, 2006 (fiscal year 2005) to at least
meet the consensus analyst estimate of $2.20 per share, representing
at least a 28% increase when compared with earnings per share of $1.72
in fiscal year 2004. The Company also noted that its financing remains
strong as there are currently no outstanding borrowings under its $100
million credit agreement. In addition, the Company's cash balance as
of January 4, 2006 was approximately $8.5 million more than its cash
balance at the same date last year, despite investing in the opening
of over 50 new stores and building its inventory in certain key items
during the current fiscal year.
"We are very pleased with how well the JoS. A. Bank brand
continues to perform and deliver record-breaking earnings for the
Company and its shareholders," noted Robert N. Wildrick, Chief
Executive Officer of JoS. A. Bank Clothiers, Inc. "We have pursued a
number of initiatives in recent years designed to establish JoS. A.
Bank as the premier menswear brand in America, including a
brand-building media advertising campaign that began in November 2004.
We believe we have made great progress towards this goal, as evidenced
by the sales strength we have seen during key gift-giving periods.
While weather and other factors make it difficult to project sales and
gross profit margin in January, we expect to at least meet the
consensus analyst estimate of $2.20 per share for fiscal year 2005."
While sales have increased in all merchandise categories during
this year's holiday season, particular strength has been noted in
blazers, sportcoats, sportswear and other key items the Company
invested in this year.
Total net sales for the eleven fiscal months ended December 31,
2005 increased 24.4% to $433.8 million, compared with $348.6 million
for the eleven fiscal months ended January 1, 2005. Comparable store
sales increased 10.0% and combined catalog and Internet sales
increased 24.9% in the eleven fiscal months ended December 31, 2005,
when compared with the same eleven fiscal month prior-year period.
All earnings per share amounts in this news release represent
diluted earnings per share adjusted for two stock dividends that were
distributed to stockholders in fiscal 2004. The earnings per share
amounts have not been adjusted for the stock dividend that the Company
announced on December 14, 2005, under which shareholders of record as
of January 27, 2006 will receive one additional share of common stock
for each four shares then owned. The dividend shares will be
distributed to shareholders on February 15, 2006. The fiscal 2004
earnings per share amounts included in this news release give effect
to the restatement of the Company's financial statements to reflect
the revision of the Company's historical practices of accounting for
lease transactions as discussed in the Company's Annual Report on Form
10-K for the year ended January 29, 2005.
About JoS. A. Bank Clothiers, Inc.
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 318 stores in 40 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 factors
include 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.
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 the Company's Annual Report on Form
10-K for the year ended January 29, 2005. 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
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
RJ Falkner and Company, Inc.
Investor Relations Counsel
R. Jerry Falkner, CFA
800-377-9893
info@rjfalkner.com
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com