Home / Knowledge / News / Apparel/Garments / Jos A Bank Q1'FY14 adjusted EPS mounts 10.3%
Jos A Bank Q1'FY14 adjusted EPS mounts 10.3%
07
Jun '14
Jos. A. Bank Clothiers, Inc. announced that adjusted earnings per diluted share were $.32 for the first quarter of fiscal 2014, representing a 10.3% increase compared to adjusted earnings per diluted share of $.29 in the first quarter of fiscal 2013. Adjusted net income was $9.0 million for the first quarter of fiscal 2014 compared to $8.1 million in the same period in fiscal year 2013.
 
R. Neal Black, President and CEO, said, "We are pleased to have continued the positive trend of increases in adjusted earnings that started in the second half of 2013. Comparable brand sales increased by double digits in the first two months of the quarter but then slowed after Easter resulting in a strong 8.4% increase for the quarter. 
 
“As we begin the second quarter, we had solid sales again in fiscal May 2014 as we generated an estimated total sales gain of approximately 7.7%. However, our gross profit margin rate declined in May as we aggressively sold clearance goods left over from spring 2013 and our sales and marketing expenses increased. We are therefore cautious as we approach the critical Father's Day selling period as we attempt to balance strong sales with the appropriate amount of clearance markdowns and advertising expenses."
 
The adjusted earnings per diluted share and adjusted net income for the first quarter of fiscal year 2014 exclude expenses of approximately $75.4 million, or $1.65 per diluted share, of "Strategic Activity Costs," namely fees and expenses related to the Company's strategic activities, including a) a $48.5 million termination fee and expense reimbursement paid to the owner of Eddie Bauer, b) legal and professional fees and expenses incurred in connection with various merger and acquisition activities and c) incremental incentive compensation related to the merger transaction with Men's Wearhouse. 
 
After deducting the $75.4 million of Strategic Activity Costs, GAAP net (loss) was ($37.1) million or ($1.33) per diluted share for the first quarter of fiscal year 2014. GAAP net income in the first quarter of fiscal 2013 was $8.1 million or $.29 per diluted share as there were no adjustments to income in this period.
 
The first quarter of fiscal 2014 ended on May 3, 2014. The first quarter of fiscal 2013 ended on May 4, 2013. Fiscal May 2014 ended on May 31, 2014. The estimated financial results for fiscal May 2014 presented above are preliminary and are still subject to the internal completion of financial closing and review procedures.
 
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

Must ReadView All

Apparel/Garments | On 25th May 2017

AAFA reinforces opposition to Border Adjustment Tax

The American Apparel & Footwear Association (AAFA) has reinforced its ...

Textiles | On 25th May 2017

Schlafhorst launches 2.5 millionth Autoconer unit

Schlafhorst, Germany’s leading textile machinery firm, has announced...

Textiles | On 25th May 2017

Mexican textile firm installs Monforts Montex 6500 stenter

Tizayuca Textil Vuva SA de CV, a vertically integrated producer of...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search