JOSB NEWS***************
ZERO internet sales mention .
BW1189 FEB 09,1999 6:00 PACIFIC 09:00 EASTERN
( BW)(MD-JOS-A-BANK-CLOTHIERS)(JOSB) Jos. a Bank Clothiers Inc. Announces Strong Fourth Quarter Sales and Increased Projected Earnings
Business Editors
HAMPSTEAD, Md.--(BUSINESS WIRE)--Feb. 9, 1999--Jos. A. Bank Clothiers Inc. (Nasdaq:JOSB) announced sales for the fourth quarter and year ended Jan. 30, 1999 (fiscal 1998) and a revision of projected fourth quarter earnings.
Jos. A. Bank's total sales for the fourth quarter of 1998 increased 9.1 percent, to $57.2 million, compared to $52.5 million in 1997. Total sales for the year ended Jan. 30, 1999 increased 8.7 percent to $187.2 million in 1998 compared to $172.2 million in 1997.
Comparable store sales for 1998 were even for each period which is on top of comparable increases of 5.6 percent and 4.1 percent, respectively, for the fourth quarter and full year of 1997. During 1998 the Company opened 17 new stores in existing markets which has temporarily slowed comparable store growth. Sales from these stores are not included in comparable store sales.
Jos. A. Bank has opened 32 stores in the past two and one-half years to increase its store base to 104. The Company expects to open 12 to 15 more stores in each of the next two years.
Timothy F. Finley, chairman and CEO said, "We are delighted with our strong sales results for the year which exceeded our expectations. These strong sales results coupled with the strength of our regular priced merchandise resulted in significantly less inventory available for clearance. Consequently, we are estimating our fourth quarter earnings to be in the range of $.30 to $.32.
"This compares to the investment communities consensus estimate of $.27 for the fourth quarter."
The company's statements concerning future operations contained in this press release 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 that can adversely affect the Company's operating results, liquidity and financial condition such as risks associated with economic, weather and other factors affecting consumer spending, the mix of goods sold, pricing, availability of lease sites for new stores and other competitive factors.
The Company will announce its fourth quarter earnings on March 2, 1999.
Jos. A. Bank Clothiers Inc., established in 1905, is a provider of classic, traditional tailored and casual clothing with 104 stores in 28 states and the District of Columbia, a nationwide catalog and an Internet web site (www.josbank.com). Jos. A. Bank Clothiers is headquartered in Hampstead.
--30--KMK/ph*
CONTACT: Jos. A. Bank Clothiers Inc.
David E. Ullman, Executive VP and CFO, 410/239-5715
Timothy F. Finley, Chairman and CEO, 410/239-5711
www.josbank.com
KEYWORD: MARYLAND DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: RETAIL EARNINGS APPAREL/TEXTILES |
