JoS. A. Bank Clothiers, Inc. announced that adjusted earnings for the fourth quarter of fiscal 2013 are expected to be approximately $1.04 to $1.10 per diluted share, compared to $.98 adjusted earnings per diluted share in the fourth quarter of fiscal 2012.
The adjusted earnings for the fourth quarter of fiscal year 2013 exclude expenses of approximately $.04 per diluted share for legal and other professional services related to the Company's acquisition proposal for The Men's Wearhouse, Inc. and other strategic activity, and approximately $.03 per diluted share for estimated non-cash asset impairment charges.
Including these adjustments, GAAP earnings for the fourth quarter of fiscal year 2013 are expected to be approximately $.97 to $1.02 per diluted share. The fourth quarter 2012 adjusted earnings of $.98 per diluted share exclude approximately $.02 per diluted share for non-cash asset impairment charges and approximately $.05 per diluted share for the estimated positive impact of the 14th week in 2012.
Including these adjustments, GAAP earnings for the fourth quarter of fiscal 2012 were $1.01 per diluted share. The 13-week fourth quarter of fiscal year 2013 ended February 1, 2014; the 14-week fourth quarter of fiscal year 2012 ended February 2, 2013.
"We are pleased that throughout the critical holiday selling season our business was robust, as the quality of our merchandise and strength of our assortments resonated strongly with our customers. This resulted in a combined comparable brand sales (combined stores and internet sales) gain of 9.1% during the period of November 3rd through December 24th, and an increase in merchandise gross margins of approximately 60 basis points for the same period," stated R. Neal Black, President and CEO.
"Unfortunately, our post-Christmas clearance sales started slowly and then the snow storms and nationwide deep freeze significantly impacted our business in the final days of December and the first week of January.
In spite of that, total comparable brand sales for the 13 week 4th quarter of 2013 versus the comparable period of 2012 were up 1.8% and total sales were up 4.7% during the same period. Total sales for the 13 weeks of the 2013 4th quarter versus the 14 weeks of the 2012 4th quarter were up 4%."
Mr. Black continued, "In order to drive business in the post-holiday period, we accelerated our promotional efforts, which allowed us to improve our sales trend as the quarter ended. These efforts, however, more than offset the gross margin gains we had achieved going into Christmas.