JoS. A. Bank Clothiers, Inc confirmed that it has been and is considering strategic opportunities to enhance shareholder value, including seeking potential acquisitions to facilitate additional growth.
Since the current team assumed management of the Company in 1999, shareholder value has increased by over 5,700%, from a market cap of approximately $19 million in November 1999 to over $1.1 billion in June 2013.
During that same period, while the economy has ebbed and flowed, the Company has steadily opened over 500 stores, resulting in the creation of over 5,000 American jobs. During its fiscal year ended February 2, 2013, the Company exceeded, for the first time, $1 billion in total sales, including over $100 million in Internet sales. The Company intends to continue the growth of its core businesses through internal initiatives such as opening stores and enhancing its Internet sites.
The Company's efforts to maximize shareholder value through strategic opportunities include the on-going consideration of potential acquisitions. To provide the flexibility to pursue such opportunities, the Company intends to retain capital not needed for operations.
The Company has been and is being assisted in its consideration of various strategic options, including the evaluation of potential acquisitions, by Financo, LLC, an investment banking firm. As part of its evaluation of strategic opportunities, the Company has been and will continue to selectively seek potential acquisitions that are strategically sound and accretive in the long run. No timetable has been set for any acquisition.
Andrew Giordano, Lead Independent Director, said, "Since our reinvention in 1999, the board and management have been committed to long-term growth. To that end, we have built an extraordinarily strong balance sheet with substantial liquid assets and no bank debt. Those assets are critical to our efforts to enhance shareholder value, both through strategic opportunities (such as acquisitions) and organic growth. Our pursuit of strategic opportunities is part of our philosophy of long-term planning and decision-making."
JoS. A. Bank Clothiers, Inc., established in 1905, is one of the nation's leading designers, manufacturers and retailers of men's classically-styled tailored and casual clothing, sportswear, footwear and accessories. The Company sells its full product line through 607 stores in 44 states and the District of Columbia, a nationwide catalog and an e-commerce website.
