Q3 FY'14 EPS grows 9% at JoS. A. Bank Clothiers

The third quarter results represent a 9% increase compared to diluted earnings of $0.47 per share for the third quarter of fiscal year 2012 and are at the top end of the projected EPS range previously announced by the Company.

GAAP earnings for the third quarter of fiscal year 2013 were $0.49 per diluted share (including the $1.2 million of legal and professional expenses), also at the top end of the previously announced range. GAAP net income for the third quarter of fiscal year 2013 was $13.6 million as compared to net income of $13.3 million for the third quarter of fiscal year 2012.

Total sales for the third quarter of fiscal year 2013 increased 6.3% to $247.5 million from $232.9 million in the third quarter of fiscal year 2012. Comparable store sales decreased 0.1% and Direct Marketing sales increased 23.5% in the third quarter of 2013 as compared to the third quarter of 2012. Combined comparable store and Internet sales for the third quarter of fiscal year 2013 increased 2.4% when compared to the third quarter of fiscal year 2012.

Comparing the first nine months of fiscal year 2013 to the first nine months of fiscal year 2012, GAAP diluted earnings were $1.28 per share as compared to $1.83 per share and net income was $36.0 million as compared to $51.3 million.

Total sales for the first nine months of fiscal year 2013 decreased 2.7% to $676.1 million from $694.5 million for the first nine months of fiscal year 2012, while comparable store sales decreased 8.5% and Direct Marketing sales increased 10.5%. Combined comparable store and Internet sales for the first nine months of fiscal year 2013 decreased 6.4% when compared to the first nine months of fiscal year 2012.

JoS. A. Bank Clothiers