JoS. A. Bank Clothiers Reports Record Fiscal 2006 Results; Earnings Per Share Increase 21%

HAMPSTEAD, Md.--(BUSINESS WIRE)--JoS. A. Bank Clothiers, Inc. (NASDAQ Global Select Market:JOSB) announces today record results for its fiscal year ended February 3, 2007 (fiscal 2006).

Net income for fiscal 2006 increased to a record $43.2 million, as compared with net income of $35.3 million for the fiscal year ended January 28, 2006 (fiscal 2005). Earnings per share for fiscal 2006 increased 21% to a record $2.36 as compared with earnings per share of $1.95 for fiscal 2005. The Company noted that the results for fiscal 2006 represent the sixth consecutive year of record earnings.

Net sales reached a record of $546.4 million in fiscal 2006, representing a 17.6% gain as compared with net sales of $464.6 million in fiscal 2005, while inventory increased at a significantly slower rate of 3.9% in fiscal 2006. The fiscal 2006 year-end cash balance grew to $43.1 million and long-term debt was reduced to four hundred thousand dollars.

Comparing the 53 weeks of fiscal 2006 with the 52 weeks of fiscal 2005, total net sales increased 17.6% to $546.4 million from $464.6 million. Comparing the 53 weeks of fiscal 2006 with the corresponding 53 weeks of the prior year, comparable store sales increased 4.3% and Direct Marketing sales increased 23.5%. Fiscal 2006 contained 53 weeks and fiscal 2005 contained 52 weeks, consistent with the National Retail Federation's 4-5-4 week calendar. Total net sales comparisons presented herein use the actual number of weeks in each fiscal period. Comparable store and Direct Marketing sales comparisons presented herein use the corresponding calendar periods of the prior year to match the equal number of weeks.

The Company will hold a conference call today, April 17, 2007 at 11:00 a.m. ET to discuss its results for fiscal 2006. To participate in the call, please dial (USA) 800-230-1074 or (International) 612-332-0335 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available until April 24, 2007 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 861665. 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 Relations’).

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 382 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 lease sites for new stores, 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 3, 2007. 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. CONSOLIDATED BALANCE SHEETS JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands, Except Share Information)
		January 28, 2006		February 3, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$ 7,344		$ 43,080
Accounts receivable, net		6,455		5,193
Inventories, net		176,642		183,471
Prepaid expenses and other current assets		12,852		18,560
Total current assets		203,293		250,304
NONCURRENT ASSETS:
Property, plant and equipment, net		100,973		117,553
Other noncurrent assets		566		535
Total assets		$ 304,832		$ 368,392
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$ 42,678		$ 41,683
Accrued expenses		51,834		63,606
Current portion of long-term debt		971		—
Deferred tax liability		10,954		8,453
Total current liabilities		106,437		113,742
NONCURRENT LIABILITIES:
Long-term debt, net of current portion		4,826		412
Noncurrent lease obligations		35,007		42,053
Noncurrent deferred tax liability		2,697		2,595
Other noncurrent liabilities		2,065		1,356
Total liabilities		151,032		160,158
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $1.00 par, 500,000 shares authorized, none issued or outstanding		—		—
Common stock, $.01 par, 45,000,000 shares authorized, 17,283,804 issued and outstanding at January 28, 2006 and 18,039,826 issued and outstanding at February 3, 2007		173		180
Additional paid-in capital		66,757		78,101
Retained earnings		86,870		130,092
Accumulated other comprehensive income and losses		—		(139)
Total stockholders’ equity		153,800		208,234
Total liabilities and stockholders’ equity		$ 304,832		$ 368,392
Note: The foregoing unaudited Condensed Consolidated Balance Sheets are excerpts from our Consolidated Financial Statements (as of January 28, 2006 and as of February 3, 2007) 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007.

JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands, Except Per Share Information)
		Fiscal 2004		Fiscal 2005		Fiscal 2006
NET SALES		$ 372,500		$ 464,633		$546,385
Cost of goods sold		147,674		177,006		207,947
GROSS PROFIT		224,826		287,627		338,438
OPERATING EXPENSES:
Sales and marketing		143,586		179,201		212,331
General and administrative		38,003		45,930		52,453
Store opening costs		1,184		701		559
Total operating expenses		182,773		225,832		265,343
OPERATING INCOME		42,053		61,795		73,095
Interest expense, net		1,696		1,794		938
Income before provision for income taxes		40,357		60,001		72,157
Provision for income taxes		15,876		24,751		28,935
NET INCOME		$ 24,481		$ 35,250		$ 43,222
EARNINGS PER SHARE
Net income:
Basic		$ 1.47		$ 2.07		$ 2.40
Diluted		$ 1.38		$ 1.95		$ 2.36
Weighted average shares outstanding:
Basic		16,680		17,021		17,981
Diluted		17,789		18,031		18,342
Note: The foregoing unaudited Condensed Consolidated Statements of Income are excerpts from our Consolidated Financial Statements for each of the three years ended February 3, 2007 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007.

JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands, Except Share Information)
		Shares of common stock		Common stock		Additional paid-in capital		Retained earnings		Treasury stock		Accumulated other comprehensive income and (losses)		Total stockholders’ equity
BALANCE, JANUARY 31, 2004		16,481,751		$ 122		$ 64,207		$ 27,183		$(5,058)		$—		$86,454
Net income		—		—		—		24,481		—		—		24,481
Issuance of common stock pursuant to Incentive Option Plan		345,452		2		1,166		—		—		—		1,168
Income tax benefit from exercise of non-qualified stock options		—		—		2,256		—		—		—		2,256
Stock dividend fractional share repurchase		(1,833)		—		(35)		—		—		—		(35)
BALANCE, JANUARY 29, 2005		16,825,370		$ 124		$ 67,594		$ 51,664		$ (5,058)		$—		$ 114,324
Net income		—		—		—		35,250		—		—		35,250
Retirement of treasury stock, at cost		—		—		(5,058)		—		5,058		—		—
Issuance of common stock pursuant to Incentive Option Plan		460,156		5		1,596		—		—		—		1,601
Income tax benefit from exercise of non-qualified stock options		—		—		2,694		—		—		—		2,694
Stock dividend fractional share repurchase		(1,722)		—		(69)		—		—		—		(69)
Stock dividend transfer of par value		—		44		—		(44)		—		—		—
BALANCE, JANUARY 28, 2006		17,283,804		$ 173		$ 66,757		$ 86,870		$—		$—		$ 153,800
Net income		—		—		—		43,222		—		—		43,222
Adjustment to minimum pension liability, net of tax		—		—		—		—		—		6		6
Comprehensive income												6		43,228
Adjustment to initially apply FAS No. 158, net of tax		—		—		—		—		—		(145)		(145)
Issuance of common stock pursuant to Incentive Option Plan		756,022		7		7,397		—		—		—		7,404
Income tax benefit from exercise of non-qualified stock options		—		—		3,947		—		—		—		3,947
BALANCE, FEBRUARY 3, 2007		18,039,826		$180		$78,101		$130,092		$—		$(139)		$208,234
Note: The foregoing unaudited Consolidated Statements of Stockholders’ Equity are excerpts from our Consolidated Financial Statements for each of the three years ended February 3, 2007 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007.

JOS. A. BANK CLOTHIERS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JANUARY 29, 2005, JANUARY 28, 2006 AND FEBRUARY 3, 2007 (In Thousands)
		Fiscal 2004		Fiscal 2005		Fiscal 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 24,481		$ 35,250		$43,222
Adjustments to reconcile net income to net cash provided by operating activities:
Increase (decrease) in deferred taxes		1,906		12,791		(2,603)
Depreciation and amortization		10,498		13,020		15,809
Loss on disposition of assets		4		31		34
Income tax benefit from exercise of non-qualified stock options		2,256		2,694		—
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(597)		(1,657)		1,262
Increase in inventories		(6,905)		(48,949)		(6,829)
Increase in prepaid expenses and other assets		(1,569)		(960)		(5,708)
(Increase) decrease in non-current assets		(273)		942		31
Increase (decrease) in accounts payable		11,385		2,545		(995)
Increase in accrued expenses		242		15,503		10,490
Increase in noncurrent lease obligations		10,266		4,689		7,046
Increase (decrease) in other noncurrent liabilities		(241)		1,127		(848)
Net cash provided by operating activities		51,453		37,026		60,911
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Payments for capital expenditures		(29,939)		(31,577)		(31,141)
Proceeds from disposal of assets		907		—		—
Net cash used for investing activities		(29,032)		(31,577)		(31,141)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving loan agreement		80,360		106,185		90,135
Repayment of borrowings under revolving loan agreement		(100,947)		(106,185)		(90,135)
Proceeds from long-term debt		—		—		400
Repayment of other long-term debt		(2,417)		(1,062)		(5,785)
Income tax benefit from exercise of non-qualified stock options		—		—		3,947
Proceeds from issuance of common stock, net of fractional share repurchase		1,133		1,532		7,404
Net cash provided by (used in) financing activities		(21,871)		470		5,966
Net increase in cash and cash equivalents		550		5,919		35,736
CASH AND CASH EQUIVALENTS, beginning of year		875		1,425		7,344
CASH AND CASH EQUIVALENTS, end of year		$ 1,425		$ 7,344		$ 43,080
Note: The foregoing unaudited Condensed Consolidated Statements of Cash Flows are excerpts from our Consolidated Financial Statements for each of the three years ended February 3, 2007 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 Annual Report on Form 10-K for the fiscal year ended February 3, 2007 which was filed with the Securities and Exchange Commission on April 17, 2007.