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
<PAGE>
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
<PAGE>
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)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
---------------------- ------------------------
August 1, August 2, August 1, August 2,
1998 1997 1998 1997
--------- --------- --------- ---------
<S><C>
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
</TABLE>
See accompanying notes.
3
<PAGE>
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(In thousands) (Unaudited)
<TABLE>
<CAPTION>
August 1, January 31,
1998 1998
--------- -----------
<S><C>
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
======== ========
</TABLE>
See accompanying notes.
4
<PAGE>
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
---------------------------
August 1, August 2,
1998 1997
--------- ---------
<S><C>
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
======== ========
</TABLE>
See accompanying notes.
5
<PAGE>
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
<PAGE>
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:
<TABLE>
<CAPTION>
Six Months Ended
----------------------
August 1, August 2,
1998 1997
--------- ---------
<S><C>
(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)
======= =======
</TABLE>
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:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
---------------------- ----------------------
August 1, August 2, August 1, August 2,
1998 1997 1998 1997
--------- --------- --------- ---------
<S><C>
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
===== ===== ===== =====
</TABLE>
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
<PAGE>
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):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------ ----------------------
August 1, August 2, August 1, August 2,
1998 1997 1998 1997
--------- --------- --------- ---------
<S><C>
Loss before income taxes $-- $(93) $ (84) $(186)
Net loss $-- $(55) $ (51) $(110)
</TABLE>
<TABLE>
<CAPTION>
As of As of
August 1, January 31,
1998 1998
--------- -----------
<S><C>
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
------ ------
</TABLE>
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
<PAGE>
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.
<TABLE>
<CAPTION>
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
--------- --------- --------- ---------
<S><C>
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%
===== ===== ===== =====
</TABLE>
9
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> JAN-30-1999 JAN-30-1999
<PERIOD-END> MAY-02-1998 AUG-01-1998
<CASH> 677 774
<SECURITIES> 0 0
<RECEIVABLES> 3,466 3,601
<ALLOWANCES> 0 0
<INVENTORY> 46,954 46,488
<CURRENT-ASSETS> 59,876 60,101
<PP&E> 47,674 49,356
<DEPRECIATION> 24,917 25,581
<TOTAL-ASSETS> 85,303 86,102
<CURRENT-LIABILITIES> 29,279 27,121
<BONDS> 0 0
0 0
0 0
<COMMON> 70 70
<OTHER-SE> 37,122 37,731
<TOTAL-LIABILITY-AND-EQUITY> 85,303 86,102
<SALES> 43,383 41,947
<TOTAL-REVENUES> 43,383 41,947
<CGS> 22,151 21,757
<TOTAL-COSTS> 19,438 18,775
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 437 437
<INCOME-PRETAX> 1,357 978
<INCOME-TAX> 529 381
<INCOME-CONTINUING> 828 597
<DISCONTINUED> (51) 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 777 597
<EPS-PRIMARY> 0.11 0.09
<EPS-DILUTED> 0.11 0.09
</TABLE>
