Earnings Preview : Jos. A. Bank Clothiers, Inc. (NASDAQ: JOSB) Second Quarter 2010
Monday, August 30, 2010 12:39 PM

Jos. A. Bank Clothiers, Inc. is scheduled to report its Q2 2010 results after the market closes on August 30, 2010.

Jos. A. Bank Clothiers, Inc., is a retailer and cataloger of Men''s tailored and casual clothing and accessories. The company''s products are sold exclusively under the Jos. A. Bank label through its company-operated retail stores and franchise stores located throughout the Northeast, Southeast, Midwest, South, and Mid-Atlantic regions of the U.S., as well asthrough the company''s s nationwide catalog operations and its e-commerce internet sites. The company''s products are targeted at the male career professional. 
As for Q1 2010, net income increased 37% to $15.8 million, as compared to $11.5 million for the first quarter of fiscal year 2009. Earnings per share increased 37% to $0.85 per share, as compared to $0.62 per share for the first quarter of fiscal year 2009. Total sales for the first quarter of fiscal year 2010 increased 10.0% to $178.1 million from $161.9 million in the first quarter of fiscal year 2009, while comparable store sales increased 10.4% and Direct Marketing sales decreased 0.6%.

Analysts' estimates for Q2 2010 range from a low of $0.35 to a high of $0.55, compared to a consensus estimate of $0.50, with number of estimates being 5 and a coefficient variance of 17.12. On June 17, the Company's Board of Directors declared a 50% stock dividend. Each shareholder of record as of July 30, 2010 will receive one additional share of common stock for every two shares then owned. As a result of the stock dividend, the number of outstanding shares of common stock will increase to approximately 27.5 million shares from approximately 18.4 million shares. The dividend shares and cash in lieu of fractional shares will be distributed on August 18, 2010. On July 15, JoS. A. Bank Clothiers, Inc. announced that the Company opened its first factory concept store. The Company's new store in Riverhead, New York is the first of five stores the Company plans to open in fiscal year 2010 as part of the test phase of its new factory store concept. In addition, the Company also announced that it has launched a new website, www.josbankfactorystores.com, dedicated to the products offered under this new factory store concept. The retailer opened 350 stores in the last 10 years and plans 30 to 40 new units in 2010, up from 10 to 15 in the current fiscal year. Plus, it doesn't seem like the recession has much impact on the company's financials. During the first nine months of fiscal year 2009, JoS. A. Bank posted a strong 4.6-percent same-store sales gain year over year, and net income shot up a whopping 27 percent. As a result, earnings should not disappoint this quarter.

JoS. A. Bank proved its success in the retail-sales business, and if its execution in tuxedos is similar, the chain should become a large player in the space, right beside Men's Wearhouse.

The stock closed at $38.11, up 0.71% on August 27, 2010 and most analysts' rate this stock an Overweight with an average price target of $41.33.



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