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Sales rise 13.6% in FY'11 for JoS. A. Bank Clothiers
29
Mar '12
JoS. A. Bank Clothiers Inc. announces record results for its fiscal year ended January 28, 2012 ("fiscal year 2011").

Net income for fiscal year 2011 increased 13.6% to a record $97.5 million, as compared with net income of $85.8 million for the fiscal year ended January 29, 2011 ("fiscal year 2010"). Earnings per share for fiscal year 2011 increased 13.3% to $3.49 as compared with earnings per share of $3.08 for fiscal year 2010.

Net sales reached a record of $979.9 million in fiscal year 2011, representing a 14.2% gain as compared with net sales of $858.1 million in fiscal year 2010. Comparable store sales increased 7.6% during fiscal year 2011, while Direct Marketing sales increased 14.7%.

"We are pleased with our financial performance in 2011. Earnings were up 13.6% and sales increased by 14.2%, driven primarily by strong comparable store and Direct Marketing sales growth and sales generated by new stores. With the results of the fourth quarter of 2011, we have achieved earnings growth in 41 of the past 42 quarters when compared to the respective prior year periods, including 23 quarters in a row," stated R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc.

"The first quarter of 2012 has started out more slowly than we had planned with declines in both comparable store sales and Direct Marketing sales for the first 8 weeks of the quarter. The declines are primarily due to weaker than expected traffic and also due to the warmer winter weather which is resulting in significantly lower sales of outerwear and cold weather merchandise."

"We are making marketing changes to address the sales trend. We believe that these changes will be effective and appealing to our customers; however we remain cautious about the outcome of the first quarter of 2012," 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.

JoS. A. Bank Clothiers Inc

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