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Leading clothier registers record fiscal year 2007 results

11
Apr '08

JoS. A. Bank Clothiers Inc (JOSB) announces record results for its fiscal year ended February 2, 2008 ("fiscal year 2007").

Net income for fiscal year 2007 increased to a record $50.2 million, as compared with net income of $43.2 million for the fiscal year ended February 3, 2007 ("fiscal year 2006"). Earnings per share for fiscal year 2007 increased 15% to a record $2.72 as compared with earnings per share of $2.36 for fiscal year 2006. The Company noted that the results for fiscal year 2007 represent the seventh consecutive year of record earnings.

Net sales reached a record of $604.0 million in fiscal year 2007, representing a 10.5% gain as compared with net sales of $546.4 million in fiscal year 2006. The Company ended fiscal year 2007 with no debt and $82.1 million of cash.

Fiscal year 2007 contained 52 weeks and fiscal year 2006 contained 53 weeks, consistent with the National Retail Federation's 4-5-4 week calendar. Total net sales and Direct Marketing sales comparisons presented herein use the actual number of weeks in each fiscal period. Comparable store sales comparisons presented herein use the corresponding weeks in the comparable prior fiscal period.

Comparing the 52 weeks of fiscal year 2007 with the 53 weeks of fiscal year 2006, total net sales increased 10.5% to $604.0 million from $546.4 million and Direct Marketing sales increased 13.1%. Comparing the 52 weeks of fiscal year 2007 with the first 52 weeks of fiscal year 2006, comparable store sales increased 3.8%.

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