JOSB.. problem with companies like JOSB is that people are used to stocks that are hi-flyers and don't give equal opportunity to slow and steady risers like FDC, ZKQ, CHCS, SE, SFDS etc. I'm a proponent of both stock buying strategies.
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Jos. A Bank Clothiers Inc. Announces Strong Fourth Quarter Earnings
HAMPSTEAD, Md.--(BUSINESS WIRE)--March 2, 1999--Jos. A. Bank Clothiers Inc. (Nasdaq:JOSB - news) announced earnings for the fourth quarter and year ended Jan. 30, 1999 (fiscal 1998).
The Company's income from continuing operations for the fourth quarter of 1998 was $2.2 million ($.32 per share) compared to $1.3 million ($.19 per share) in the fourth quarter of 1997, an increase of 69% The Company's income from continuing operations for the year ended Jan. 30, 1999, was $5.9 million ($.85 per share) compared to $2.5 million ($.36 per share) for the year ended Jan. 31, 1998.
The earnings for 1998 include a one-time $1.4 million ($.20 per share), tax benefit recorded in the third quarter of 1998 relating to tax loss carryforwards which were generated in prior years. For 1997, the earnings exclude a one-time charge for the discontinuance and sale of the Company's manufacturing operations and the operating losses resulting from this operation.
This one-time charge amounted to $1.5 million, net of tax in the fourth quarter of 1997, in addition to net losses from manufacturing operations of $.1 million in 1998 and $.3 million in 1997. After considering the one-time items noted above, net income for the fourth quarter of 1998 was $2.2 million ($.32 per share) compared to a net loss in the fourth quarter of 1997 of $.3 million ($.04 per share).
Net income for the full year of 1998 was $5.9 million ($.84 per share) compared to net income of $.7 million ($.10 per share) for 1997. All per share amounts represent diluted earnings per share.
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 January 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 have completed a fantastic year which exceeded our expectations. Our strong sales results coupled with the strength of our regular priced merchandise resulted in significantly less inventory available for clearance, which significantly enhanced our profitability.
Our profits exceeded the previous investment community conse |
