Net sales reached a record of $1,049.3 million in fiscal year 2012, representing a 7.1% gain as compared with net sales of $979.9 million in fiscal year 2011. Comparable store sales decreased 0.5% during fiscal year 2012, while Direct Marketing sales increased 22.7%. Combined comparable store and Internet sales in fiscal year 2012 increased 2.0% when compared to fiscal year 2011.
Net income for fiscal year 2012 was $79.7 million, as compared with net income of $97.5 million for the fiscal year ended January 28, 2012 ("fiscal year 2011"), a decrease of 18.3%. The Company previously announced that net income for fiscal year 2012 was expected to be approximately 20% lower than net income for fiscal year 2011. Earnings per share for fiscal year 2012 were $2.84 as compared with earnings per share of $3.49 for fiscal year 2011.
Commenting on the Company's results, R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. stated: "Although we did not achieve an increase over the record earnings of fiscal year 2011, we were still very profitable with net income of 7.6% of net sales in fiscal year 2012. For the first time in our history, we exceeded the $1 billion sales milestone in fiscal year 2012 and our Direct Marketing business continued to perform well, with double-digit sales growth. The Company continues to maintain very solid cash flows and a strong balance sheet. Additionally, we opened a total of 46 new stores in fiscal year 2012, including our 600th store."
"Total company sales for the year were up 7.1%," continued Mr. Black, "but not enough to offset higher marketing expenses and lower gross margin. We are disappointed that we were not able to drive the sales gains we expected in our comparable stores. For the most recent fourth quarter, sales started out slowly in November, partly due to Hurricane Sandy and the distractions of the national election.
"Going into the critical holiday selling season, we believed we had a strong marketing and promotional strategy for the period. However, many of the promotional items and a large part of our holiday assortment were items that sell in cold weather and the weather was unseasonably warm. During this period, our customers responded well to our suit promotions, but our promotions on other products such as sweaters, outerwear, hats, gloves, scarves and jackets were not successful."
"In 2013, once the cold weather clearance period is complete, one of our goals will be to return to previous levels of gross margin rates and advertising productivity. New and more focused casual assortments and additional slim-fit suit inventories are arriving this spring. During the first eight weeks of fiscal 2013, sales were up as compared to last year. However, we remain cautious about the first quarter of 2013, especially since we have not fully annualized the calendar shift for Easter and the larger volume sales periods are still ahead of us," stated Mr. Black.
JoS. A. Bank Clothiers Inc
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