Jos. A. Bank Clothiers, Inc. announced that adjusted earnings per diluted share were $1.07 for the fourth quarter of fiscal 2013, representing a 9% increase compared to adjusted earnings per diluted share of $.98 in the fourth quarter of fiscal 2012, and at the midpoint of the projected EPS range previously announced by the Company. R. Neal Black, President and CEO, said, "The initiatives we have undertaken to improve both our top and bottom line performance are delivering results.
As we previously reported, our sales through the holidays were robust, with comparable brand sales up 9.1% between November 3rd and December 24th. While this was offset by the impact of the snow storms and nationwide deep freeze in the post-holiday period, the combination of our improved marketing efficiency through our new promotional strategies and strict financial discipline allowed us to deliver the 9% gain in adjusted earnings per share."
He added, "We have generated double-digit total sales gains in fiscal February and the first four weeks of fiscal March of 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the non-promotional portion of our business. We are focused on maintaining this sales momentum while improving our profitability."
The adjusted earnings for the fourth quarter of fiscal year 2013 exclude expenses of approximately $.07 per diluted share for legal and other professional services related to the Company's announced acquisition by The Men's Wearhouse, Inc. and other strategic activity, and $.02 per diluted share for estimated non-cash asset impairment charges. Including these amounts, GAAP earnings for the fourth quarter of fiscal year 2013 were $0.98 per diluted share.
The Company's 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 amounts, 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 quarter of fiscal year 2012 ended February 2, 2013. Fiscal February 2014 ended on March 1, 2014 and fiscal March 2014 will end on April 5, 2014.
Consistent with previously announced expectations, total comparable brand sales for the 13 week fourth quarter of fiscal year 2013 increased 1.8% when compared to the same comparable period of fiscal year 2012 and Direct sales increased 10.6%.
Total sales for the fourth quarter of fiscal year 2013 increased 4.7% during the same period. Total sales for the 13 weeks of the 2013 fourth quarter versus the 14 weeks of the 2012 fourth quarter were up .4%, reaching $356 million compared to $355 million in the prior year period.
As announced on March 11, 2014, Jos. A. Bank and Men's Wearhouse entered into a definitive agreement under which Men's Wearhouse will purchase all outstanding shares of Jos. A. Bank for $65.00 per share in cash.
The transaction is expected to close by the third quarter of 2014, subject to satisfaction of customary closing conditions.
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.