Jos. A. Bank Clothiers, based in Hampstead, announced that adjusted earnings per diluted share were $1.07 for the fourth quarter of Fiscal Year 2013, representing a 9 percent increase compared to adjusted earnings per diluted share of $0.98 in the fourth quarter of Fiscal Year 2012, and at the midpoint of the projected EPS range previously announced by the company.

The initiatives the company has undertaken to improve both the top and bottom line performance are delivering results. As previously reported, the sales through the holidays were robust, with comparable brand sales up 9.1 percent between Nov. 3. and Dec. 24. While this was offset by the impact of the snowstorms and nationwide deep freeze in the post-holiday period, the combination of improved marketing efficiency through new promotional strategies and strict financial discipline allowed the company to deliver the 9 percent gain in adjusted earnings per share.

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The adjusted earnings for the fourth quarter of FY13 exclude expenses of approximately $.07 per diluted share for legal and other professional services related to the Company's announced acquisition by The Men's Wearhouse Inc. and other strategic activity, and $0.02 per diluted share for estimated non-cash asset impairment charges. Including these amounts, GAAP earnings for the fourth quarter of FY13 were $0.98 per diluted share.

The company's fourth quarter 2012 adjusted earnings of $0.98 per diluted share exclude approximately $0.02 per diluted share for non-cash asset impairment charges and approximately $0.05 per diluted share for the estimated positive impact of the 14th week in 2012. Including these amounts, GAAP earnings for the fourth quarter of FY12 were $1.01 per diluted share. The 13-week fourth quarter of FY13 ended Feb. 1, 2014; the 14-week quarter of FY12 ended Feb. 2, 2013.

Fiscal February 2014 ended March 1, and fiscal March 2014 will end April 5.

Consistent with previously announced expectations, total comparable brand sales for the 13 week fourth quarter of FY13 increased 1.8 percent when compared to the same comparable period of FY12 and direct sales increased 10.6 percent. Total sales for the fourth quarter of FY13 increased 4.7 percent during the same period.

Total sales for the 13 weeks of the 2013 fourth quarter versus the 14 weeks of the 2012 fourth quarter were up 0.4 percent, reaching $356 million compared to $355 million in the prior year period.

As announced March 11, Jos. A. Bank and Men's Wearhouse entered into a definitive agreement under which Men's Wearhouse will purchase all outstanding shares of Jos. A. Bank for $65 per share in cash. The transaction is expected to close by the third quarter of 2014, subject to satisfaction of customary closing conditions.

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