-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KxO0t9oGrjBgCETAhXkvF5Z4dtU5KqRpYEUaFSBCzg4nNhzVDAJN15mL8UXfyb5S IlCGmWCsMrA15O/isKfgBA== 0000950169-98-001038.txt : 19980916 0000950169-98-001038.hdr.sgml : 19980916 ACCESSION NUMBER: 0000950169-98-001038 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980801 FILED AS OF DATE: 19980915 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK JOS A CLOTHIERS INC /DE/ CENTRAL INDEX KEY: 0000920033 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 363189198 STATE OF INCORPORATION: DE FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23874 FILM NUMBER: 98709337 BUSINESS ADDRESS: STREET 1: 500 HANOVER PIKE CITY: HAMPSTEAD STATE: MD ZIP: 21074 BUSINESS PHONE: 4102392700 10-Q 1 JOS. A BANK CLOTHIERS, INC. United States Securities and Exchange Commission Washington, DC 20549 FORM 10-Q x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 1, 1998 ------------------- or Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 0-23874 ----------- Jos. A. Bank Clothiers, Inc. Delaware 5611 36-3189198 ------------- -------------- ------------- (State incorporation) (Primary Standard (I.R.S. Employer Industrial Identification Classification Number) Code Number) 500 Hanover Pike, Hampstead, MD 21074-2095 ------------------------------- -------------- none -------------------------- (Former name or former address, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x ] No [ ] Indicate the number of shares of each of the issuer's classes of common stock, as of the latest practicable date: Class Outstanding as of September 8, 1998 -------------- ----------------------------------- Common stock. $.01 par value 6,791,152 Jos. A. Bank Clothiers, Inc. Index ----- Part I. Financial Information Page No. --------------------- -------- Item 1. Financial Statements Condensed Consolidated Statements 3 of Income - Three and Six Months ended August 1, 1998 and August 2, 1997 Condensed Consolidated Balance 4 Sheets - as of August 1, 1998 and January 31, 1998 Condensed Consolidated Statements 5 of Cash Flows -Six Months ended August 1, 1998 and August 2, 1997 Notes to Condensed Consolidated 6-8 Financial Statements Item 2. Management's Discussion and Analysis 9-13 of Results of Operations and Financial Condition Part II. Other Information ----------------- Item 6. Exhibits and Reports on Form 8-K 13 (a) Exhibits - Exhibit 27-Financial Data Schedule (EDGAR filing only) Signatures 14 - ---------- 2 PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (In thousands except per share data) (Unaudited)
Three Months Ended Six Months Ended ---------------------- ------------------------ August 1, August 2, August 1, August 2, 1998 1997 1998 1997 --------- --------- --------- --------- Net sales $41,947 $39,530 $85,330 $78,185 Costs and expenses: Cost of goods sold 21,757 21,372 43,908 41,165 General and administrative 4,278 4,398 8,806 8,518 Sales and marketing 14,376 12,652 29,046 26,079 Store opening costs 121 -- 361 -- ------- ------- ------- ------- 40,532 38,422 82,121 75,762 ------- ------- ------- ------- Operating income 1,415 1,108 3,209 2,423 Interest expense, net 437 667 874 1,257 ------- ------- ------- ------- Income from continuing operations before provision for income taxes 978 441 2,335 1,166 Provision for income taxes 381 190 910 478 ------- ------- ------- ------- Income from continuing operations 597 251 1,425 688 Loss from discontinued operations (net of tax) -- (55) (51) (110) ------- ------- ------- ------- Net income $ 597 $ 196 $ 1,374 $ 578 ======= ======= ======= ======= Earnings per share: Income from continuing operations: Basic $ .09 $ .04 $ .21 $ .10 Diluted $ .09 $ .04 $ .20 $ .10 Discontinued operations (net of tax): Basic $ .00 $ (.01) $ (.01) $ (.02) Diluted $ .00 $ (.01) $ (.01) $ (.02) Net income: Basic $ .09 $ .03 $ .20 $ .09 Diluted $ .09 $ .03 $ .20 $ .08 Weighted average shares outstanding: Basic 6,791 6,791 6,791 6,791 Diluted 7,010 6,825 6,974 6,825
See accompanying notes. 3 JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
August 1, January 31, 1998 1998 --------- ----------- ASSETS Current Assets: Cash and cash equivalents $ 774 $ 564 Accounts receivable 3,601 2,737 Inventories: Raw materials 6,044 6,994 Finished goods 40,444 33,120 -------- -------- Total inventories 46,488 40,114 -------- -------- Prepaid expenses and other current assets 5,003 4,338 Deferred income taxes 4,235 4,030 -------- -------- Total current assets 60,101 51,783 -------- -------- Property, plant and equipment, at cost 49,356 46,925 Accumulated depreciation and amortization (25,581) (24,818) -------- -------- Net property, plant and equipment 23,775 22,107 -------- -------- Deferred income taxes 861 1,680 Other assets 674 791 Net noncurrent assets of discontinued operations 691 783 -------- -------- Total Assets $ 86,102 $ 77,144 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 14,374 $ 13,319 Accrued expenses 11,093 9,774 Current portion of long-term debt 1,461 1,885 Net current liabilities of discontinued operations 193 663 -------- -------- Total current liabilities 27,121 25,641 Long-term liabilities 21,180 15,105 -------- -------- Total liabilities 48,301 40,746 -------- -------- Shareholders' equity: Common stock 70 70 Additional paid-in capital 56,365 56,336 Accumulated deficit (16,714) (18,088) -------- -------- 39,721 38,318 Less treasury stock (1,920) (1,920) -------- -------- Total shareholders' equity 37,801 36,398 -------- -------- Total liabilities and shareholders' equity $ 86,102 $ 77,144 ======== ========
See accompanying notes. 4 JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)
Six Months Ended --------------------------- August 1, August 2, 1998 1997 --------- --------- Cash flows from operating activities: Net income $ 1,374 $ 578 Loss from discontinued operations 51 110 -------- -------- Income from continuing operations 1,425 688 Adjustments to reconcile net income to net cash used in operating activities: Decrease in deferred taxes 614 372 Depreciation and amortization 1,862 1,736 Net increase in operating working capital (5,804) (8,702) -------- -------- Net cash used in operating activities of continuing operations (1,903) (5,906) -------- -------- Cash flows from investing activities: Additions to property, plant and equipment (3,428) (1,823) -------- -------- Net cash used in investing activities of continuing operations (3,428) (1,823) -------- -------- Cash flows from financing activities: Borrowings under long-term Credit Agreement 19,452 22,660 Repayment under long-term Credit Agreement (13,635) (14,842) Borrowings of other long-term debt 277 294 Repayment of other long-term debt (153) (142) Other 29 -- -------- -------- Net cash provided by financing activities of continuing operations 5,970 7,970 Net cash used in discontinued operations (429) (702) -------- -------- Net increase (decrease) in cash and cash equivalents 210 (461) Cash and cash equivalents - beginning of period 564 719 -------- -------- Cash and cash equivalents - end of period $ 774 $ 258 ======== ========
See accompanying notes. 5 Jos. A. Bank Clothiers, Inc. S.E.C. Form 10-Q, 8/1/98 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION Jos. A. Bank Clothiers, Inc. (the Company) is a nationwide retailer of classic men's clothing through conventional retail stores and catalog direct marketing. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. In the opinion of management, the information contained herein reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. These adjustments are of a normal recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the Company's January 31, 1998 Annual Report on Form 10-K. 2. SIGNIFICANT ACCOUNTING POLICIES Inventories are stated at the lower of first-in, first-out, cost or market. The Company capitalizes into inventories certain warehousing and delivery costs associated with getting its inventory to the point of sale. Costs related to mail order catalogs and promotional materials are included in prepaid expenses and other current assets. These costs are amortized over the expected periods of benefit, not to exceed six months. The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards No. 109 Accounting for Income Taxes (SFAS 109). This standard requires, among other things, recognition of future tax benefits, measured by enacted tax rates attributable to deductible temporary differences between financial statement and income tax basis of assets and liabilities and to tax net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Reclassifications - Certain reclassifications have been made to the August 2, 1997 financial statements in order to conform with the August 1, 1998 presentation. 6 Jos. A. Bank Clothiers, Inc. S.E.C. Form 10-Q, 8/1/98 3. WORKING CAPITAL The net change in operating working capital is composed of the following:
Six Months Ended ---------------------- August 1, August 2, 1998 1997 --------- --------- (Increase) decrease in accounts receivable $ (864) $ 101 (Increase) in inventories (6,374) (5,404) (Increase) decrease in prepaids and other assets (665) 310 Increase (decrease) in accounts payable 1,055 (2,805) Increase (decrease) in accrued expenses and other liabilities 1,044 (904) ------- ------- Net increase in operating working capital $(5,804) $(8,702) ======= =======
4. NEW ACCOUNTING STANDARDS Earnings Per Share - During 1997, the Financial Accounting Standards Board (FASB) issued Statement No. 128 (SFAS No. 128), "Earnings Per Share," which establishes new standards for computing and presenting earnings per share. The Company has adopted SFAS No. 128 and restated earnings per share data presented to reflect the new standard. SFAS No. 128 requires presentation of basic earnings per share and diluted earnings per share. The weighted average shares used to calculate basic and diluted earnings per share in accordance with SFAS No. 128 is as follows:
Three Months Ended Six Months Ended ---------------------- ---------------------- August 1, August 2, August 1, August 2, 1998 1997 1998 1997 --------- --------- --------- --------- Weighted average shares outstanding for basic EPS 6,791 6,791 6,791 6,791 Diluted EPS: Dilutive effect of common stock equivalents 219 34 183 34 ----- ----- ----- ----- Weighted average shares outstanding for diluted EPS 7,010 6,825 6,974 6,825 ===== ===== ===== =====
Weighted average shares outstanding for calculating dilutive EPS include basic shares outstanding, plus shares issuable upon the exercise of stock options, using the treasury stock method. 7 Jos. A. Bank Clothiers, Inc. S.E.C. Form 10-Q, 8/1/98 5. DISCONTINUED OPERATIONS In January 1998, the Company formalized a plan to dispose of its manufacturing operations. Accordingly, the consolidated financial statements have been presented to reflect the disposition of the manufacturing operations as discontinued operations. The revenues, costs and expenses, assets and liabilities, and cash flows of the manufacturing operations have been excluded from the respective captions in the Consolidated Statements of Income, Consolidated Balance Sheets and Consolidated Statements of Cash Flows and the related footnotes included herein. In April 1998, the Company entered into an agreement which included the disposition of the Company's manufacturing operations. Based upon the agreement, an estimated loss on disposal of $2.5 million was reported net of an income tax benefit of $1.0 million for an after-tax loss of $1.5 million during the fourth quarter of fiscal year ended January 31, 1998. Summarized financial information for the discontinued operations is as follows (in thousands):
Three Months Ended Six Months Ended ------------------------ ---------------------- August 1, August 2, August 1, August 2, 1998 1997 1998 1997 --------- --------- --------- --------- Loss before income taxes $-- $(93) $ (84) $(186) Net loss $-- $(55) $ (51) $(110)
As of As of August 1, January 31, 1998 1998 --------- ----------- Current assets $2,311 $3,839 Less current liabilities 2,504 4,502 ------ ------ Net current (liabilities) $ (193) $ (663) ------ ------ Noncurrent assets $ 932 $1,028 Noncurrent liabilities 241 245 ------ ------ Net noncurrent assets $ 691 $ 783 ------ ------
Revenues of the manufacturing operations primarily represent intercompany sales which have been eliminated in consolidation. Net current and noncurrent assets/liabilities of discontinued operations noted above includes inventories, receivables, plant and equipment, pension termination and other transaction costs associated with the discontinued manufacturing operations. 8 Jos. A. Bank Clothiers, Inc. S.E.C.Form 10-Q 8/1/98 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition The following discussion should be read in conjunction with the attached condensed consolidated financial statements and notes thereto and with the Company's audited financial statements and notes thereto for the fiscal year ended January 31, 1998. Overview - The Company's income from continuing operations for the quarter ended August 1, 1998 increased to $.6 million or $.09 per share compared to $.3 million or $.04 per share for the same period in 1997. For the six months net income from continuing operations increased to $1.4 million or $.20 per share compared to $.7 million or $.10 per share for the same period last year. This improvement was due primarily to higher sales attributable to the opening of fifteen new stores since August 2, 1997 and improved margins resulting from strong inventory management and a shift toward higher end products. The Company continues to pursue its expansion strategy of opening new stores in existing markets and opened seven and three new stores in existing markets during the first quarter and second quarters, respectively. This will provide the Company with greater leverage of selling, marketing and general and administrative expenses as these new stores mature. The Company's availability under the Credit Agreement increased to $23.7 million as of August 1, 1998, which was $9.9 million higher than the same time last year. Results of Operations - The following table is derived from the Company's condensed consolidated statements of income and sets forth, for the periods indicated, the items included in the condensed consolidated statements of income, expressed as a percentage of net sales.
Percentage of Net Sales Percentage of Net Sales Three Months Ended Six Months Ended ------------------------ ------------------------ August 1, August 2, August 1, August 2, 1998 1997 1998 1997 --------- --------- --------- --------- Net Sales..................................... 100.0% 100.0% 100.0% 100.0% Cost of goods sold............................ 51.9 54.1 51.5 52.7 ----- ----- ----- ----- Gross profit.................................. 48.1 45.9 48.5 47.3 General and administrative expenses........... 10.2 11.1 10.3 10.9 Sales and marketing expenses.................. 34.3 32.0 34.0 33.4 Store opening costs........................... .3 -- .4 -- ----- ----- ----- ----- Operating income.............................. 3.4 2.8 3.8 3.1 Interest expense, net......................... 1.1 1.7 1.1 1.6 ----- ----- ----- ----- Income from continuing operations before income taxes......................... 2.3 1.1 2.7 1.5 Provision for income taxes ................... 0.9 0.5 1.0 0.6 ----- ----- ----- ----- Income from continuing operations............. 1.4 0.6 1.7 0.9 Loss from discontinued operations, net........ -- (0.1) (0.1) (0.2) ----- ----- ----- ----- Net income.................................... 1.4% 0.5% 1.6% 0.7% ===== ===== ===== =====
9 Jos. A. Bank Clothiers, Inc. S.E.C.Form 10-Q 8/1/98 Net Sales - Net sales increased 6.1% to $41.9 million in the second quarter of 1998 compared to $39.5 million in 1997. For the six months ended August 1, 1998, net sales increased by 9.1 percent, to $85.3 million, compared to $78.2 million in 1997. Comparable store sales decreased 4.7 percent for the second quarter and increased .2 percent for the first six months of 1998. The opening of fifteen stores in existing markets since August 2, 1997 has temporarily slowed comparable growth as new stores are not included in comparable sales. Despite the decrease in comparable store sales, gross margin dollars in comparable stores increased during the second quarter and six months, resulting in greater profits in the existing store base. Cost of Goods Sold - Gross profit increased by $2.0 million to $20.2 million in the second quarter and by $4.4 million to $41.4 million in the first six months of 1998 compared to the same periods in the prior year. Gross profit as a percent of sales remained strong and increased 2.2 and 1.2 percentage points in the quarter and six months respectively. The gross margin improvement was primarily the result of higher maintained margins in nearly all product categories, strong sell throughs in the first quarter, the shift toward higher end products and strong inventory management. General and Administrative Expenses - General and administrative expenses decreased to 10.2 percent of sales in the second quarter and 10.3 percent during the six months compared to 11.1 and 10.9 percent of sales during the same periods in 1997, as the Company continues to leverage its infrastructure. These improvements reflect the Company's continued emphasis to control overhead costs while growing the business. Sales and Marketing Expenses - Sales and marketing expense increased 2.3 and .6 percent of sales to 34.3 and 34.0 percent of sales in the second quarter and six months respectively from 32.0 and 33.4 percent in the same periods in 1997. These increases were due primarily to higher new store fixed occupancy costs as a percent of sales as the stores take several years to mature. Store Opening Costs - Store opening costs increased $.1 and $.4 million in the quarter and six months ended August 1, 1998 respectively due to the addition of more new stores during each period. Interest Expense - Interest expense was $.2 million lower during the quarter and $.4 million during the six months ended August 1, 1998 compared to the same periods in 1997. This improvement was due primarily to a $ 7.5 million reduction in total debt outstanding as of August 1, 1998 compared to August 2, 1997. Income Taxes - At August 1, 1998, the Company had approximately $12 million of tax net operating loss carryforwards (NOLs) which expire through 2010. SFAS No. 109 requires that the tax benefit of such NOLs be recorded as an asset to the extent that management assesses the utilization of such NOLs to be "more likely than not". Realization of the future tax benefits is dependent on the Company's ability to generate taxable income within the carryforward period. Future levels of operating income are dependent upon general economic conditions, including interest rates and general levels of economic activity, competitive pressures on sales and margins and other factors beyond the Company's control. Therefore no assurance can be given that sufficient taxable income will be generated for full utilization of the NOLs. 10 Jos. A. Bank Clothiers, Inc. S.E.C.Form 10-Q 8/1/98 Management has determined, based on the Company's history of earnings, that future earnings of the Company will more likely than not be sufficient to utilize at least $8 million of NOLs prior to their expiration. Accordingly, the Company has recorded a deferred tax asset of $3 million and a valuation allowance of $1.4 million relating to the NOLs. Management believes that although the prior earnings and current year operating results might justify a higher amount, the recorded asset represents a reasonable estimate of the future utilization of the NOLs. The Company will continue to evaluate the likelihood of future profit and the necessity of future adjustments to the deferred tax asset valuation allowance. If earnings continue at a rate similar to the recent past, the Company expects to adjust the valuation allowance in the second half of 1998. Liquidity and Capital Resources - At August 1, 1998 the Company had outstanding borrowings of $17.9 million with $23.7 million of availability under its Credit Agreement compared to borrowings of $25.8 million and availability of $9.9 million at the same time last year. The Company's availability at August 1, 1998 increased $13.8 million compared to the same time in 1997. The increase in availability was generated principally by cash provided by operating activities during the preceding twelve months and a higher borrowing base created by an additional $4.0 million term loan facility which was obtained in September, 1997. The following table summarizes the Company's sources and uses of funds as reflected in the condensed consolidated statements of cash flows: Six Months Ended --------------------- August 1, August 2, Cash provided by (used in): 1998 1997 --------- --------- Operating activities $(1,903) $(5,906) Investing activities (3,428) (1,823) Financing activities 5,970 7,970 Discontinued operations (429) (702) ------- ------- Net increase (decrease) in cash and cash equivalents $ 210 $ (461) ======= ======= Cash used by operating activities was due primarily to higher inventory levels to support new stores, although the average inventory per store decreased. Cash used in investing activities relates primarily to improvements to new stores. Cash provided by financing activities represents primarily borrowings on the revolving loan. The net cash used in discontinued operations was due primarily to establishment of the receivable from SourceOne and certain costs related to the divestiture of the manufacturing operations including payments of accrued severance, vacation, professional fees and other selling costs partially offset by the reduction in inventory. 11 Jos. A. Bank Clothiers, Inc. S.E.C.Form 10-Q 8/1/98 The Company expects to spend between $6.0 and $7.0 million on capital expenditures in 1998, primarily to open up to 17 new stores and to relocate two existing stores. The store expansion program is being financed through operations and the Credit Agreement. The Company also expects to open up to 46 additional stores (including 12 relocations) beyond 1998, mostly in existing markets. The Company believes that its existing markets can support these additional stores which will provide leverage for its management, distribution, advertising and sourcing infrastructure. To support this growth, the Company expects to upgrade certain information systems and its existing distribution center in 1998 and 1999. The Company believes that its current liquidity and its Credit Agreement will be adequate to support its current working capital and investment needs. Further expansion beyond 1998 may necessitate revised financing arrangements for the Company. The Company expects to devote significant efforts over the next year to ensure that its business - critical systems are "Year 2000 compliant". The Year 2000 ("Y2K") issue is the result of computer programs using a two-digit format, as opposed to four digits, to indicate the year. Such computer systems will be unable to accurately interpret dates beyond the year 1999, which could cause a system failure or other computer errors, leading to disruptions in operations. The Company has performed an assessment of its systems in order to identify Y2K issues and has identified its business-critical area of exposure to be: (a) merchandising and financial, (b) point-of-sale, (c) cash management, (d) catalog, (e) warehouse management, and (f) third party relationships. Most of the Company's applications operate on two IBM AS/400 hardware configurations and are"off-the-shelf" packages with modifications and interfaces made by the Company. The Company also relies on personal computers to prepare detailed analysis. The Company believes that by installing the vendor-developed upgrades to the latest versions of its existing systems and re-working its modifications and interfaces, most of the Y2K issues should be corrected. The vendors for the merchandising, general ledger and catalog applications have certified that the updated versions of their systems are Y2K compliant. The Company expects to install the latest versions of its systems by the middle of 1999 with Y2K testing performed for each application installed. In accordance with this plan, the Company recently installed and implemented the latest version of its merchandising, warehouse, sales audit, accounts payable and general ledger system (which included many upgrades in addition to Y2K compliance), and expects to finalize the related Y2K testing for these applications by yearend. The Company has identified certain third parties who supply product and will contact them to determine if they expect to have any major disruptions as a result of Y2K. The Company estimates that it will spend approximately $1.0 million (representing a combination of capital and expense) on these upgrades through the end of fiscal 1999, although an exact amount related to Y2K compliance cannot be measured because many of the upgrades include increased functionality as well as Y2K compliance. Should these efforts not be successful, the Y2K problems could have a material impact on the operations of the Company. Although there is a high level of confidence that these efforts will be successful, there can be no guarantee that these estimates will be achieved and actual results could differ materially from those anticipated. 12 Jos. A. Bank Clothiers, Inc. S.E.C. Form 10Q, 8/1/98 The Company's plans and beliefs 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 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. PART 2. OTHER INFORMATION Item 6. Exhibit - ---------------- (a) Exhibit 27 - Financial Data Schedule 13 Jos. A. Bank Clothiers, Inc. S.E.C.Form 10-Q 8/1/98 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: September 15, 1998 Jos. A. Bank Clothiers, Inc. (Registrant) /s/ David E. Ullman ________________________________ David E. Ullman Executive Vice President, Chief Financial Officer 14 EX-27 2 FDS FOR JOS. A. BANK CLOTHIERS, INC.
5 1000 3-MOS 3-MOS JAN-30-1999 JAN-30-1999 MAY-02-1998 AUG-01-1998 677 774 0 0 3,466 3,601 0 0 46,954 46,488 59,876 60,101 47,674 49,356 24,917 25,581 85,303 86,102 29,279 27,121 0 0 0 0 0 0 70 70 37,122 37,731 85,303 86,102 43,383 41,947 43,383 41,947 22,151 21,757 19,438 18,775 0 0 0 0 437 437 1,357 978 529 381 828 597 (51) 0 0 0 0 0 777 597 0.11 0.09 0.11 0.09
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