<PAGE>
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 October 28, 2000
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 Classification Identification
Code Number) 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 if 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 December 8, 2000
----- ----------------------------------
Common Stock, $.01 par value 5,955,627
<PAGE>
Jos. A. Bank Clothiers, Inc.
Index
-----
<TABLE>
<CAPTION>
Part I. Financial Information Page No.
--------------------- --------
<S> <C>
Item 1. Financial Statements
Condensed Consolidated Statements 3
Of Operations - Three and Nine Months
Ended October 28, 2000 and October 30, 1999
Condensed Consolidated Balance 4
Sheets - as of October 28, 2000 and
January 29, 2000
Condensed Consolidated Statements 5
Of Cash Flows - Nine Months ended
October 28, 2000 and October 30, 1999
Notes to Condensed Consolidated Financial Statements 6-10
Item 2. Management's Discussion and Analysis of
Results of Operations and Financial Condition 10-13
Part II. Other Information
-----------------
Item 6. Exhibits and Reports on Form 8-K 14
(a) Exhibits - Exhibit 27 - Financial Data
Schedule (EDGAR filing only)
Signatures 15
----------
</TABLE>
2
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In Thousands except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------- ---------------------------
Oct. 28, Oct. 30, Oct. 28, Oct. 30,
2000 1999 2000 1999
---------- --------- ----------- -----------
<S> <C> <C> <C> <C>
Net Sales $ 43,992 $ 43,739 $ 135,269 $ 131,549
---------- --------- ----------- ----------
Costs and expenses:
Cost of goods sold 21,783 22,177 68,386 66,603
General and administrative 4,251 4,866 13,180 13,506
Sales and marketing 16,884 16,596 49,295 49,066
Store opening costs 136 77 152 139
One-time charge:
Executive payout and other costs -- -- -- 2,177
---------- --------- ----------- ----------
43,054 43,716 131,013 131,491
---------- --------- ----------- ----------
Operating income 938 23 4,256 58
Interest expense, net 301 409 845 984
---------- --------- ----------- ----------
Income (loss) before provision for
income taxes 637 (386) 3,411 (926)
Provision (benefit) for income taxes 230 (150) 1,312 (361)
---------- ---------- ----------- ----------
Net income (loss) $ 407 $ (236) $ 2,099 $ (565)
========== ========= =========== ==========
Earnings per share:
Net income (loss):
Basic $ 0.07 $ (0.03) $ 0.34 $ (0.08)
Diluted $ 0.07 $ (0.03) $ 0.33 $ (0.08)
Weighted average shares outstanding:
Basic 5,956 6,792 6,197 6,792
Diluted 6,112 6,792 6,345 6,792
</TABLE>
See accompanying notes
3
<PAGE>
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)
<TABLE>
<CAPTION>
October 28, January 29,
2000 2000
---------- ----------
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents $ 1,388 $ 1,087
Accounts receivable 4,003 2,601
Inventories:
Raw materials 2,066 3,351
Finished goods 54,546 43,036
--------- ---------
Total inventories 56,612 46,387
--------- ---------
Prepaid expenses and other current assets 6,467 3,178
Deferred income taxes 2,479 2,479
--------- ---------
Total current assets 70,949 55,732
--------- ---------
Property, plant and equipment, at cost 54,349 56,140
Accumulated depreciation and amortization (28,841) (28,893)
--------- ---------
Net property, plant and equipment 25,508 27,247
Deferred income taxes 1,699 1,699
Other assets 1 73
--------- ---------
Total assets $ 98,157 $ 84,751
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 24,187 $ 13,195
Accrued expenses 15,132 14,573
Current portion of long-term debt 11,050 1,218
Net current liabilities of discontinued
operations -- 254
--------- ---------
Total current liabilities 50,369 29,240
Long-term liabilities 5,005 11,725
--------- ---------
Total liabilities 55,374 40,965
--------- ---------
Shareholders' equity:
Common stock 71 70
Additional paid-in capital 56,535 56,500
Accumulated deficit (8,765) (10,864)
--------- ---------
47,841 45,706
Less: treasury stock (5,058) (1,920)
--------- ---------
Total shareholders' equity 42,783 43,786
--------- ---------
Total liabilities and shareholders' equity $ 98,157 $ 84,751
========= =========
</TABLE>
See accompanying notes
4
<PAGE>
JOS. A. BANK CLOTHIERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In Thousands) (Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
-----------------------------------
October 28, October 30,
2000 1999
------------ -------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 2,099 $ (565)
Adjustments to reconcile net income (loss) to net
cash used in operating activities:
Net cash used in operating activities:
Decrease in deferred taxes -- (747)
Depreciation and amortization 3,102 2,917
Loss on disposition of assets 7 --
Stock based compensation -- 63
Net increase in operating working capital (3,340) (12,463)
----------- -----------
Net cash provided by (used in)
operating activities 1,868 (10,795)
----------- -----------
Cash flows from investing activities:
Additions to property, plant and equipment (2,453) (4,824)
Proceeds from disposal of assets 528 --
----------- -----------
Net cash used in investing activities (1,925) (4,824)
----------- -----------
Cash flows from financing activities:
Borrowings under long-term Credit Agreement 46,314 49,319
Repayment under long-term Credit Agreement (42,453) (33,496)
Repayment of other long-term debt (702) (241)
Repurchase of Common Stock (3,138) --
Net proceeds from Issuance of Common Stock 36 62
----------- -----------
Net cash provided by financing activities 57 15,644
----------- -----------
Net cash provided by (used in) discontinued operations 301 (8)
----------- -----------
Net increase in cash and cash equivalents 301 17
Cash and cash equivalents - beginning of period 1,087 748
----------- -----------
Cash and cash equivalents - end of period $ 1,388 $ 765
=========== ===========
</TABLE>
See accompanying notes
5
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
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 and
internet 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 29, 2000 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.
6
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
3. WORKING CAPITAL
The net change in operating working capital is composed of the following:
<TABLE>
<CAPTION>
Nine Months Ended
--------------------------
October 28, October 30,
2000 1999
----------- -----------
<S> <C> <C>
Increase in accounts receivable $ (1,402) $ (1,110)
Increase in inventories (10,225) (12,898)
Increase in prepaids and other assets (3,289) (1,481)
Increase in accounts payable 10,992 1,576
Increase in accrued expenses and
other liabilities 584 1,450
---------- ----------
Net decrease in operating
working capital $ (3,340) $ (12,463)
========== ==========
</TABLE>
4. EARNINGS PER SHARE
Earnings Per Share (EPS) - Statement of Financial Accounting Standards
(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 Nine Months Ended
--------------------- ---------------------
Oct. 29, Oct. 30, Oct. 28, Oct. 30,
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Weighted average shares
outstanding for basic EPS 5,956 6,792 6,197 6,792
Diluted EPS:
Dilutive effect of common
stock equivalents 156 -- 148 --
-------- -------- -------- --------
Weighted average shares
outstanding for diluted EPS 6,112 6,792 6,345 6,792
======== ======== ======== ========
</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, 10/28/00
5. STOCK REPURCHASE
On April 12, 2000, the Company announced a repurchase of approximately 13%
of its then outstanding stock. In a private transaction, the Company
purchased 896,400 shares at $3.50 per share. The purchase has been recorded
in the accompanying Consolidated Balance Sheet at October 28, 2000 as
treasury stock.
6. DISCONTINUED OPERATIONS
Summarized financial information for the discontinued operations is as
follows (in thousands):
As of As of
Oct. 28, Jan. 29,
2000 2000
---- ----
Current assets $ -- $ 580
Current liabilities -- 834
-------- --------
Net current (liabilities) $ -- $ (254)
======== ========
Net current and noncurrent assets/liabilities of discontinued operations
noted above include deferred income taxes, pension costs, severance and
other transaction costs associated with the discontinued manufacturing
operations.
7. SEGMENT REPORTING
The Company has two reportable segments: full line stores and
catalog/internet direct marketing. While each segment offers a similar mix
of men's clothing to the retail customer, the full line stores also provide
alterations.
The accounting policies of the segments are the same as those described in
the Company's January 29, 2000 Annual Report on Form 10-K. The Company
evaluates performance of the segments based on "four wall" contribution
which excludes any allocation of "management company" costs, distribution
center costs (except order fulfillment costs which are allocated to
catalog/internet), interest and income taxes. The Company's segments are
strategic business units that offer similar products to the retail customer
by two distinctively different methods. In full line stores the typical
customer travels to the store and purchases men's clothing and/or
alterations and takes their purchases with them. The catalog/internet
direct marketing customer receives a catalog in his or her home, office
and/or visits our web page via the internet and either calls, mails, faxes
or places an order on-line. The merchandise is then shipped to the
customer. The detail segment data is presented in the following table:
8
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
<TABLE>
<CAPTION>
Quarter ended October 28, 2000 Full line Catalog/Internet
(in thousands) Stores Direct Marketing Other Total
------ ---------------- ----- -----
<S> <C> <C> <C> <C>
Net sales $ 36,999 $ 4,867 $ 2,126 (a) $ 43,992
Depreciation and amortization 789 35 242 1,066
Operating income (loss) (b) 5,176 388 (4,626) 938
Identifiable assets (c) 59,201 14,401 24,555 98,157
Capital Expenditures (d) 766 89 139 994
Quarter ended October 30, 1999
(in thousands)
Net sales $ 36,700 $ 4,923 $ 2,116 (a) $ 43,739
Depreciation and amortization 793 4 204 1,001
Operating income (loss) (b) 4,945 475 (5,397) 23
Identifiable assets (c) 55,967 13,034 31,674 100,675
Capital Expenditures (d) 1,117 9 134 1,260
<CAPTION>
Nine Months ended October 28, 2000 Full line Catalog/Internet
(in thousands) Stores Direct Marketing Other Total
------ ---------------- ----- -----
<S> <C> <C> <C> <C>
Net sales $ 113,803 $ 15,818 $ 5,648 (a) $ 135,269
Depreciation and amortization 2,336 44 722 3,102
Operating income (loss) (b) 16,641 1,574 (13,959) 4,256
Identifiable assets (c) 59,201 14,401 24,555 98,157
Capital Expenditures (d) 1,088 852 513 2,453
Nine Months ended October 30, 1999
(in thousands)
Net sales $ 110,316 $ 15,815 $ 5,418 (a) $ 131,549
Depreciation and amortization 2,299 11 607 2,917
Operating income (loss) (b) 14,950 1,624 (16,516) 58
Identifiable assets (c) 55,967 13,034 31,674 100,675
Capital Expenditures (d) 3,226 83 1,515 4,824
</TABLE>
(a) Revenue from segments below the quantitative thresholds are attributable
primarily to four operating segments of the Company. Those segments include
factory stores, outlet stores, franchise and regional tailor shops. None of
these segments has ever met any of the quantitative thresholds for
determining reportable segments.
(b) Operating income represents profit before allocations of overhead from
corporate office and the distribution center, interest and income taxes.
(c) Identifiable assets include cash, accounts receivable, inventories, prepaid
expenses and fixed assets residing in or related to the reportable segments.
Assets included in Other are primarily fixed assets associated with the
corporate office and distribution center, deferred tax assets, and inventory
which has not been assigned to one of the reportable segments.
(d) Capital Expenditures include purchases of property, plant and equipment made
for the reportable segment.
9
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
8. EXECUTIVE PAYOUT AND OTHER COSTS
During the second quarter of 1999, the Company's Chairman and CEO retired
and the Company recorded a one-time charge of approximately $2.2 million
associated with that event. The one-time charge includes a payout to the
former Chairman/CEO of approximately $1.8 million and professional fees -
primarily recruiting and related expenses - that were incurred in the second
quarter of 1999. This charge reduced basic earnings per share by $.20 in
1999.
Accordingly, all amounts outstanding under the Credit Agreement have been
classified as current liabilities as of October 28, 2000.
9. CREDIT REFINANCING
The Company's current Credit Agreement expires on April 2001 based on its
original term. The Company expects to obtain extended financing prior to the
end of 2000 and does not anticipate any problems obtaining its financing.
However, there can be no assurance that such financing will be obtained on
acceptable terms.
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 29, 2000.
Overview - For the third quarter ended October 28, 2000 the Company's earnings
--------
per share improved to $.07 per share compared to a loss of $.03 per share in the
third quarter of 1999. The results were driven by a moderate increase in sales,
improved gross profit performance and lower expenses. The sales and gross profit
improvements were primarily the result of strong customer acceptance of the
Company's Corporate Casual and Sportswear products. The lower expenses reflected
reduced travel and professional fees.
For the nine months ended October 28, 2000, earnings per share increased to $.33
per share compared to recurring income per share of $.11 in 1999. After
deducting for a one-time charge in 1999, the Company generated a loss of $.08
per share for the nine months ended October 30, 1999. The sales improvements for
the nine month period were also driven by Corporate Casual and Sportswear.
Total debt decreased $12.3 million to $12.5 million at October 28, 2000,
compared to $24.8 million at October 30, 1999, despite using $3.1 million to
repurchase common stock in April, 2000 and investing over $1 million for a new
Internet site. The Company's availability to borrow under its bank credit
agreement, as of October 28, 2000, increased to $30.2 million, which was $8.4
million higher than the same time last year.
The Company recently announced plans to open up to 30 new stores in fiscal 2001.
To build out the new stores and to create the additional infrastructure to
support the new stores, the Company expects to spend between $12 million and $15
million in capital expenditures in 2001. The Company expects to finance these
capital expenditures using the cash from operations and borrowings under its
Credit
10
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
Agreement. The Company's current Credit Agreement expires on April 2001 based on
its original term. The Company expects to obtain extended financing prior to the
end of 2000 and does not anticipate any problems obtaining its financing.
However, there can be no assurance that such financing will be obtained on
acceptable terms.
Results of Operations - The following table is derived from the Company's
---------------------
condensed consolidated statements of operations and sets forth, for the periods
indicated, the items included in the condensed consolidated statements of
operations, expressed as a percentage of net sales.
<TABLE>
<CAPTION>
Percentage of Net Sales Percentage of Net Sales
Three Months Ended Nine Months Ended
------------------ -----------------
Oct. 28, Oct. 30, Oct. 28, Oct. 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Sales ....................................... 100.0% 100.0% 100.0% 100.0%
Cost of goods sold................................... 49.5 50.7 50.6 50.6
------- ------- ------- --------
Gross profit ....................................... 50.5 49.3 49.4 49.4
General and administrative expenses.................. 9.7 11.1 9.7 10.3
Sales and marketing expenses......................... 38.4 37.9 36.5 37.3
Store opening costs.................................. 0.3 0.2 0.1 0.1
Executive payout and other costs..................... -- -- -- 1.7
------- ------- ------- --------
Operating income (loss).............................. 2.1 0.1 3.1 --
Interest expense, net................................ 0.7 0.9 0.6 0.7
------- ------- ------- --------
Income (loss) before income taxes.................... 1.4 (0.8) 2.5 (0.7)
Provision (benefit) for income taxes................. 0.5 (0.3) 1.0 (0.3)
------- ------- ------- --------
Net income (loss).................................... 0.9% (0.5)% 1.6% (0.4)%
======= ======= ======= ========
</TABLE>
Net Sales - Total sales for the third quarter of 2000 increased 1%, to $44.0
---------
million, compared to $43.7 million in 1999, while comparable store sales
increased 2% in the third quarter of 2000. Total sales for the first nine months
of 2000 increased 3%, to $135.3 million, compared to $131.5 million in 1999,
while comparable store sales increased 3.0% in the first nine months of 2000.
For the nine months ended October 28, 2000, Internet sales increased 219% and
catalog sales decreased 10%. The sales increases were driven by increases in
sportcoats, slacks and sportswear as the Company continued to expand its
assortment to meeting the demand for corporate casual in the workplace.
Gross Profit - Gross profit (sales less cost of goods sold) as a percent of
------------
sales increased in the third quarter ended October 28, 2000 compared to the same
period in 1999. The increase in the quarter relates primarily to less
promotional markdowns on the better-selling products. For the nine months ended
October 28, 2000, gross profit percent was even to last year as the Company was
aggressive in the first half of 2000 in its promotions.
General and Administrative Expenses - General and administrative expenses
-----------------------------------
decreased $.6 million in the third quarter of 2000 and decreased $.3 million in
the nine months ended October 28, 2000 compared to the same period last year.
The decrease in the third quarter and nine months relates primarily to lower
professional fees and travel expenses. The same decreases for the nine month
period
11
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
were offset partially by a $.5 million increase in accrued incentive
compensation expense. Depending on the results of the fourth quarter of 2000,
incentive compensation expense could increase significantly in the fourth
quarter of 2000.
Sales and Marketing Expenses - Sales and marketing expenses (which consist
----------------------------
primarily of store occupancy, advertising, and store payroll costs) increased
$.3 million in the third quarter of fiscal 2000 and $.2 million in the first
nine months of 2000. These differences were the result of reduced advertising
spending in 2000, as offset by increased occupancy for additional stores.
Store Opening Costs - The Company opened five new stores in the third quarter of
-------------------
2000 and incurred $136 thousand of store opening costs compared to $77 thousand
for two new stores in same quarter in the prior year. Store opening costs
increased to $152 thousand in the first nine months of 2000 during which the
Company opened seven new stores compared to $139 thousand in the same period in
1999 when the Company opened four new stores. The decrease per store relates to
lower advertising costs.
Interest Expense - Interest expense decreased $.1 million in the first nine
----------------
months of 2000 compared to the prior year due primarily to the lower average
outstanding balance in the current year being partially offset by higher
interest rates.
Income Taxes - The first nine months of 2000 effective tax rate is 38.5% which
------------
is lower compared to 39.0% in 1999.
Liquidity and Capital Resources - The Company has substantial availability under
-------------------------------
its current borrowing agreement. At October 28, 2000, the Company had
outstanding borrowings of $9.4 million with $30.2 million of availability under
its Credit Agreement compared to borrowings of $18.6 million and availability of
$21.8 million at the same time last year.
The following table summarizes the Company's sources and uses of funds as
reflected in the condensed consolidated statements of cash flows:
Nine Months Ended
-----------------
Oct. 28, Oct. 30,
2000 1999
---- ----
Cash provided by (used in):
Operating activities $ 1,868 $ (10,795)
Investing activities (1,925) (4,824)
Financing activities 57 15,644
Discontinued operations 301 (8)
--------- ---------
Net increase in cash and cash equivalents $ 301 $ 17
========= =========
Cash provided by operating activities was primarily from income generated from
operations, an increase in accounts payable and a decrease in inventories. Cash
used in investing activities primarily relates to the purchase and installation
of the Company's new e-commerce website, and the opening and renovation of
stores. Cash used in financing activities primarily represents the repurchase of
common stock partially offset by borrowings on the revolving portion of the
Credit Agreement.
12
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
The Company expects to spend between $4 and $5 million on capital expenditures
in fiscal 2000, primarily to open eight new stores, to relocate, downsize or
renovate at least two stores, to install a new e-commerce website to replace its
existing site and to install an inventory planning system. The capital
expenditures are being financed through operations, the Credit Agreement and
possibly leasing arrangements.
The Company's Credit Agreement expires in April, 2001 based on its original
term. The Company expects to obtain extended financing prior to the end of 2000
and does not anticipate any problems obtaining its financing. However, there can
be no assurance that such financing will be obtained on acceptable terms.
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 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
ability of the Company to finance its expansion plans, the mix of goods sold,
pricing, availability of lease sites for new stores and other competitive
factors. Many of the risks are described in the Company's reports filed with the
Securities and Exchange Commission, which should be carefully reviewed before
making any investment decision.
13
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
PART II. OTHER INFORMATION
Item 6. Exhibit
---------------
(a) Exhibit 27 - Financial Data Schedule
14
<PAGE>
Jos. A. Bank Clothiers, Inc.
S.E.C. Form 10-Q, 10/28/00
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: December 11, 2000 Jos. A. Bank Clothiers, Inc.
(Registrant)
/s/ David E. Ullman
---------------------------------
David E. Ullman
Executive Vice President, Chief
Financial Officer
15
