More good earnings news for JoS. A. Bank Clothiers (NASDAQ:JOSB). FY 2009 earnings-per-share came in at $3.84, up from $3.17 the year before and $2.72 the year before that. That’s very nice growth.
The company didn’t give quarterly results (those come out tomorrow) but by walking back the cat, I figure the fourth-quarter earnings come to $1.91 a share which is 12 cents more than Street expectations.
The odd thing here is that this is for Joe’s fiscal fourth quarter, which is November, December and January. In other words, it’s a long time ago. Since companies often take longer with their Q4 report, Joe’s next earnings report will probably be out in just nine weeks or so. Also, since their fourth quarter covers the holiday season, it accounts for about half their annual profit. This is a big deal and JOSB did well.
Net sales reached a record of $770.3 million in fiscal year 2009, representing a 10.7% gain as compared with net sales of $695.9 million in fiscal year 2008. Comparable store sales increased 6.3% during fiscal year 2009, while Direct Marketing sales increased 12.2%. The Company ended fiscal year 2009 with $21.9 million in cash, $169.7 million in short-term investments and no debt.
“We are pleased to announce another solid year of sales and earnings growth,” commented R. Neal Black, President and CEO of JoS. A. Bank Clothiers, Inc. “Our core strategy to provide our customers with high quality men’s clothing at a great value and to actively promote this value through a diverse advertising and marketing campaign has again produced favorable results for fiscal year 2009. We have continued to be successful in expanding our market share, growing our profits and controlling our expenses, while further strengthening our balance sheet. Additionally, with this quarter’s results, we have achieved earnings growth in 33 of the past 34 quarters when compared to the respective prior year periods, including 15 quarters in a row,” continued Mr. Black.