Jos. A. Bank Clothiers announced that the adjusted earnings per diluted share were $.32 for the first quarter of Fiscal Year 2014, representing a 10.3 percent increase compared to adjusted earnings per diluted share of $.29 in the first quarter of FY13.

Adjusted net income was $9.0 million for the first quarter of FY14 compared to $8.1 million in the same period in FY13.

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The company 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 percent increase for the quarter. As the company began the second quarter, there were solid sales again in May 2014 as it generated an estimated total sales gain of approximately 7.7 percent.

The gross profit margin rate declined in May as the company aggressively sold clearance goods left over from spring 2013 and sales and marketing expenses increased.

The adjusted earnings per diluted share and adjusted net income for the first quarter of FY14 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 $48.5 million termination fee and expense reimbursement paid to the owner of Eddie Bauer; legal and professional fees and expenses incurred in connection with various merger and acquisition activities; and 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 FY14. GAAP net income in the first quarter of FY13 was $8.1 million or $.29 per diluted share as there were no adjustments to income in this period.

The first quarter of FY14 ended on May 3. The first quarter of FY13 ended May 4, 2013. Fiscal May 2014 ended May 31. 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 is headquartered in Hampstead.

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