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JoS. A. Bank reports 25% increase in profits for Q2
02
Sep '11
JoS. A. Bank Clothiers, Inc announces that net income for the second quarter of fiscal year 2011 increased 24.7% to $20.6 million as compared with net income of $16.5 million for the second quarter of fiscal year 2010. Earnings per share for the second quarter of fiscal year 2011 increased 25.4% to $0.74 per share as compared with earnings per share of $0.59 for the second quarter of fiscal year 2010. The second quarter of fiscal year 2011 ended July 30, 2011; the second quarter of fiscal year 2010 ended July 31, 2010.

Total sales for the second quarter of fiscal year 2011 increased 22.4% to $230.7 million from $188.4 million in the second quarter of fiscal year 2010, while comparable store sales increased 14.7% and Direct Marketing sales increased 27.8%.

Comparing the first six months of fiscal year 2011 with the first six months of fiscal year 2010, net income increased 18.8% to $38.4 million as compared to $32.3 million and earnings per share increased 18.1% to $1.37 per share as compared to $1.16 per share. Total sales for the first six months of fiscal year 2011 increased 15.7% to $423.9 million from $366.5 million for the first six months of fiscal year 2010, while comparable store sales increased 7.6% and Direct Marketing sales increased 25.0%.

"We are pleased with our sales and earnings performance for the second quarter of fiscal year 2011. While the components of our income statement may fluctuate somewhat from quarter to quarter, our business model, which features an aggressively sourced, high-quality, well-balanced, fully-stocked assortment that is promoted with timely marketing and sold by knowledgeable professionals in convenient locations, continues to deliver strong earnings growth over time. With this quarter's results, we have achieved earnings growth in 39 of the past 40 quarters when compared to the respective prior year periods, including 21 quarters in a row," stated R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. "While sales are just one component of overall profit and August is a relatively small sales month, our comparable store sales in August are up slightly compared to the same period last year, despite the impact of the recent hurricane," continued Mr. Black.

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 529 stores in 42 states and the District of Columbia, a nationwide catalog and an e-commerce website.

Jos. A. Bank Clothiers

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