JoS. A. Bank Clothiers announced preliminary results for its year ended January 29, 2005 (FY2004).
The Company’s preliminary results reflect a) net income for FY2004 increased 50% to $24.5 million, compared with FY2003 net income of $16.3 million; and b) earnings per share for FY2004 increased 47% to $1.72, compared with FY2003 earnings per share of $1.17, representing another year of record earnings.
The Company also announces that it expects earnings per share for the year ending January 28, 2006 (FY2005) to increase to at least $2.00 to $2.05. To help support the continued profit growth, the Company expects to open 60 to 75 stores in FY2005, with 18 to 20 stores opening in the first half of FY2005 and the remainder opening in the second half.
All current and historical earnings per share amounts noted in this news release represent diluted earnings per share adjusted for two stock dividends that were distributed to stockholders in FY2004.
Attached hereto are the preliminary restatements of the Company’s FY2003 financial statements and the preliminary presentation of the Company’s FY2004 financial statements. As more fully set forth in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2005, and like many other companies in the retail industry, the Company has determined to restate certain of its financial statements in light of the views expressed on February 7, 2005 by the Office of the Chief Accountant of the SEC concerning certain operating lease accounting issues and their application under generally accepted accounting principles. Because the Company’s review has not been completed and audited by its registered public accounting firms, all results presented in this press release are preliminary and unaudited.
The Company previously reported record sales for the fourth quarter and FY2004. Total sales for the fourth quarter of FY2004 increased 26.8% to $127.9 million, compared with sales of $100.9 million in the prior year period. Total sales for FY2004 increased 24.3% to $372.5 million, compared with sales of $299.7 million in the prior fiscal year. Comparable store sales rose 9.4% in the fourth quarter and 8.4% in FY2004, while combined catalog and internet sales increased 31.0% and 22.7%, in the fourth quarter and FY2004, respectively.
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