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JoS. A. Bank provides Q3 FY'13 earning updates
12
Nov '13
JoS. A. Bank Clothiers, Inc. announced that adjusted earnings are projected to increase to approximately $.49 to $.51 per diluted share, excluding the expense of legal and other professional services related to the Company's acquisition proposal for The Men's Wearhouse, Inc. of approximately $.02 to $.03 per diluted share.

The adjusted earnings per diluted share would represent a gain of approximately 4%-9% over the $.47 per diluted share reported in the year-ago third quarter. GAAP earnings for the third quarter of fiscal year 2013 are expected to be approximately $.47 to $.49 per diluted share, including the transaction-related expenses.

The Company noted that actual results will depend on, among other things, adjustments that may arise from the normal quarter-end processing. The Company is scheduled to announce its third quarter financial results pre-market opening on December 5, 2013, followed by a conference call to discuss the results at 11:00 a.m. (EST) that morning. The third quarter of fiscal year 2013 ended November 2, 2013; the third quarter of fiscal year 2012 ended October 27, 2012.

"Our projected performance in the third quarter, which was somewhat affected by the government shutdown, marks a continuation of the positive trends we had seen at the end of the second quarter. Specifically, we project total sales to be up in the mid single digits, comparable store sales to be roughly flat, and sales in the direct business to be up in the double digits.

“Additionally, combined comparable store and Internet sales were up in the low single digits. We also expect to report a slight increase in our gross profit margin rate in the third quarter, which would represent the second consecutive quarterly increase," said R. Neal Black, President and CEO of JoS. A. Bank.

"We believe we are realizing the benefits of the implementation of our new promotional marketing strategies, which we have been adjusting in recent quarters. These changes have positively impacted our marketing efficiency, which has improved again in the third quarter. Additionally, the non-promotional portion of our business continues to perform well, with ongoing increases in sales."

Mr. Black continued, "Looking ahead, we are highly focused on continuing to improve our sales trend. We feel confident that the strategies we have in place will enable us to show continued improvement and to further strengthen our brand and best position it for the future."

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 629 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website.

JoS. A. Bank

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Courtesy: India ITME

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