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JoS. A. Bank Clothiers Reports 9% Increase in Second Quarter Earnings Per Share; Company to Hold Conference Call on September 4, 2008

HAMPSTEAD, Md.-(Business Wire)-September 3, 2008 - JoS. A. Bank Clothiers, Inc. (Nasdaq Global Select Market: JOSB) announces that earnings for the second quarter of fiscal year 2008 increased 9% to $0.48 per share, as compared to $0.44 per share for the second quarter of fiscal year 2007. Net income in the second quarter of fiscal year 2008 was $8.9 million, as compared to $8.2 million in the second quarter of fiscal year 2007. Total sales for the second quarter of fiscal year 2008 increased 13.7% to $152.7 million from $134.3 million in the second quarter of fiscal year 2007 while comparable store sales increased 6.8% and Direct Marketing sales increased 10.2%. The second quarter of fiscal year 2008 ended August 2, 2008; the second quarter of fiscal year 2007 ended August 4, 2007.

Comparing the first six months of fiscal year 2008 with the first six months of fiscal year 2007, earnings increased 13% to $1.02 per share, as compared to $0.90 per share and net income increased to $18.7 million, as compared to $16.6 million. Total sales for the first six months of fiscal year 2008 increased 13.0% to $298.1 million from $263.8 million for the first six months of fiscal year 2007 while comparable store sales increased 6.7% and Direct Marketing sales increased 4.3%.

A conference call to discuss fiscal year 2008 second quarter earnings will be held Thursday, September 4, 2008 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 866-793-1342 or (International) 703-639-1313 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available after 1:00 p.m. ET on September 4, 2008 until September 11, 2008 at 11:59 p.m. ET by dialing (USA) 800-475-6701 or (International) 320-365-3844. The access code for the replay will be 958982. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com (select “Company Information†and “Investor Relationsâ€).

All earnings per share amounts in this news release represent diluted earnings per share.

JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 447 stores in 42 states and the District of Columbia, a nationwide catalog and an e-commerce website that can be accessed at www.josbank.com. The Company is headquartered in Hampstead, Md., and its common stock is listed on the Nasdaq Global Select Market under the symbol "JOSB."

The Company's statements concerning future operations contained herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forecast due to a variety of factors outside of the Company's control that can affect the Company's operating results, liquidity and financial condition. Such factors include risks associated with economic, weather, public health and other factors affecting consumer spending, higher energy and security costs, the successful implementation of the Company's growth strategy including the ability of the Company to finance its expansion plans, the mix and pricing of goods sold, the effectiveness and profitability of new concepts, the market price of key raw materials such as wool and cotton, seasonality, merchandise trends and changing consumer preferences, the effectiveness of the Company's marketing programs, the availability of suitable lease sites for new stores, doing business on an international basis, the ability to source product from its global supplier base, litigations and other competitive factors. Other factors and risks that may affect the Company’s business or future financial results are detailed in the Company’s filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended February 2, 2008 and the Company's subsequent Quarterly Reports on Form 10-Q filed through the date hereof. These cautionary statements qualify all of the forward-looking statements the Company makes herein. The Company cannot assure you that the results or developments anticipated by the Company will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for the Company or affect the Company, its business or its operations in the way the Company expects. The Company cautions you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. The Company does not undertake an obligation to update or revise any forward-looking statements to reflect actual results or changes in the Company's assumptions, estimates or projections. These risks should be carefully reviewed before making any investment decision.

   
JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Balance Sheets

(In Thousands)

(unaudited)

 
February 2, 2008 August 2, 2008
 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 82,082 $ 64,357
Accounts receivable, net 5,855 8,826
Inventories:
Finished goods 196,547 206,147
Raw materials   10,278     13,390  
Total inventories 206,825 219,537
Prepaid expenses and other current assets   18,593     19,347  
 
Total current assets 313,355 312,067
 
NONCURRENT ASSETS:
Property, plant and equipment, net 126,235 134,111
Other noncurrent assets   508     526  
Total assets $ 440,098   $ 446,704  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 47,383 $ 46,767
Accrued expenses 72,150 57,186
Deferred tax liability – current   6,688     7,194  
Total current liabilities 126,221 111,147
 
NONCURRENT LIABILITIES:
Long-term debt - -
Noncurrent lease obligations 50,185 52,946
Deferred tax liability – noncurrent 1,210 986
Other noncurrent liabilities   1,317     1,641  
Total liabilities   178,933     166,720  
 
COMMITMENTS AND CONTINGENCIES
 
STOCKHOLDERS’ EQUITY:
Common stock 181 181
Additional paid-in capital 80,791 80,910
Retained earnings 180,260 198,960
Accumulated other comprehensive losses   (67 )   (67 )
Total stockholders’ equity   261,165     279,984  
Total liabilities and stockholders’ equity $ 440,098   $ 446,704  

Note: The foregoing audited and unaudited Condensed Consolidated Balance Sheets are excerpts from our Condensed Consolidated Financial Statements (as of February 2, 2008 and August 2, 2008) and do not include the Notes, which are considered an integral part thereof. The foregoing unaudited financial information should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarterly period ended August 2, 2008 and the Annual Report on Form 10-K for the fiscal year ended February 2, 2008, which were filed with the Securities and Exchange Commission on September 3, 2008 and April 10, 2008, respectively.

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JOS. A. BANK CLOTHIERS, INC.
Condensed Consolidated Statements of Income

(In Thousands, Except Per Share Information)

(unaudited)

 
Three Months Ended Six Months Ended
August 4, 2007   August 2, 2008 August 4, 2007   August 2, 2008
 
Net sales $ 134,278 $ 152,734 $ 263,811 $ 298,138
 
Cost of goods sold   50,531     57,496     98,984     111,920  
 
Gross Profit   83,747     95,238     164,827     186,218  
 
Operating expenses:
Sales and marketing 57,494 66,629 111,553 127,564
General and administrative   12,737     13,831     25,956     27,038  
Total operating expenses   70,231     80,460     137,509     154,602  
 
Operating income 13,516 14,778 27,318 31,616
 
Other income (expense):
Interest income 540 321 978 624
Interest expense   (92 )   (92 )   (193 )   (186 )
Total other income   448     229     785     438  
 
Income before provision for income taxes 13,964 15,007 28,103 32,054
Provision for income taxes   5,758     6,138     11,539     13,354  
 
Net income $ 8,206   $ 8,869   $ 16,564   $ 18,700  
 
Earnings per share:
Net income per share:
Basic $ 0.45 $ 0.49 $ 0.92 $ 1.03
Diluted $ 0.44 $ 0.48 $ 0.90 $ 1.02
Weighted average shares outstanding:
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