Jos. A. Bank Reports Results for Fourth Quarter of Fiscal Year 2013

Adjusted Earnings Per Share Increased 9% for the Quarter

Sales Trends, Which Were Positive in Q4, Also Up in February and March

HAMPSTEAD, Md., April 2, 2014 (GLOBE NEWSWIRE) -- Jos. A. Bank Clothiers, Inc. (Nasdaq:JOSB) (the "Company") today announced that adjusted earnings per diluted share were $1.07 for the fourth quarter of fiscal 2013, representing a 9% increase compared to adjusted earnings per diluted share of $.98 in the fourth quarter of fiscal 2012, and at the midpoint of the projected EPS range previously announced by the Company. R. Neal Black, President and CEO, said, "The initiatives we have undertaken to improve both our top and bottom line performance are delivering results. As we previously reported, our sales through the holidays were robust, with comparable brand sales up 9.1% between November 3^rd and December 24^th. While this was offset by the impact of the snow storms and nationwide deep freeze in the post-holiday period, the combination of our improved marketing efficiency through our new promotional strategies and strict financial discipline allowed us to deliver the 9% gain in adjusted earnings per share."

He added, "We have generated double-digit total sales gains in fiscal February and the first four weeks of fiscal March of 2014, reflecting positive consumer response to our promotions as well as ongoing strength in the non-promotional portion of our business. We are focused on maintaining this sales momentum while improving our profitability."

The adjusted earnings for the fourth quarter of fiscal year 2013 exclude expenses of approximately $.07 per diluted share for legal and other professional services related to the Company's announced acquisition by The Men's Wearhouse, Inc. and other strategic activity, and $.02 per diluted share for estimated non-cash asset impairment charges. Including these amounts, GAAP earnings for the fourth quarter of fiscal year 2013 were $0.98 per diluted share.

The Company's fourth quarter 2012 adjusted earnings of $.98 per diluted share exclude approximately $.02 per diluted share for non-cash asset impairment charges and approximately $.05 per diluted share for the estimated positive impact of the 14th week in 2012. Including these amounts, GAAP earnings for the fourth quarter of fiscal 2012 were $1.01 per diluted share. The 13-week fourth quarter of fiscal year 2013 ended February 1, 2014; the 14-week quarter of fiscal year 2012 ended February 2, 2013.

Fiscal February 2014 ended on March 1, 2014 and fiscal March 2014 will end on April 5, 2014.

Consistent with previously announced expectations, total comparable brand sales for the 13 week fourth quarter of fiscal year 2013 increased 1.8% when compared to the same comparable period of fiscal year 2012 and Direct sales increased 10.6%. Total sales for the fourth quarter of fiscal year 2013 increased 4.7% during the same period. Total sales for the 13 weeks of the 2013 fourth quarter versus the 14 weeks of the 2012 fourth quarter were up .4%, reaching $356 million compared to $355 million in the prior year period.

As announced on March 11, 2014, Jos. A. Bank and Men's Wearhouse entered into a definitive agreement under which Men's Wearhouse will purchase all outstanding shares of Jos. A. Bank for $65.00 per share in cash. The transaction is expected to close by the third quarter of 2014, subject to satisfaction of customary closing conditions.

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 633 stores in 44 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."

Non-GAAP Measurements

This press release includes a non-GAAP financial measure. Jos. A. Bank is presenting adjusted earnings per diluted share, which is a non-GAAP financial measure. Jos. A. Bank believes presentation of this non-GAAP financial measure is useful to investors in connection with their financial analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Jos. A. Bank's results prepared in accordance with GAAP. For a description of how Jos. A. Bank reconciles these non-GAAP financial measures to GAAP earnings, please see the third and fourth paragraphs of this press release.

FORWARD-LOOKING STATEMENTS

Our 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 forecasted due to a variety of factors outside of our control that can affect our operating results, liquidity, and financial condition. Such factors include risks associated with domestic and international economic activity and inflation, weather, public health and other factors affecting consumer spending (including negative changes to consumer confidence and other recessionary pressures), higher energy and security costs, the successful implementation of our growth strategy (including our ability to finance our 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) and other production inputs (such as labor costs), seasonality, merchandise trends and changing consumer preferences, the effectiveness of our marketing programs (including compliance with relevant legal requirements), the availability of suitable lease sites for new stores, doing business on an international basis, the ability to source product from our global supplier base, legal and regulatory matters and other competitive factors. The identified risk factors and other factors and risks that may affect our business or future financial results are detailed in our filings with the Securities and Exchange Commission, including, but not limited to, those described under "Risk Factors" and/or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended February 1, 2014. These cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution you not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. Interim period sales are not necessarily indicative of sales expected for the full quarter. Furthermore, sales are just one component of earnings and no projection of earnings should be inferred from any discussion of interim period sales or other information in this release. We do not undertake an obligation to update or revise any forward-looking statements to reflect actual results or changes in our assumptions, estimates or projections. These risks should be carefully reviewed before making any investment decision.

ADDITIONAL INFORMATION

This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. In response to the tender offer for the shares of Jos. A. Bank commenced by The Men's Wearhouse, Inc. and Java Corp., Jos. A. Bank has filed a solicitation/recommendation statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission ("SEC"). Any solicitation/recommendation statement filed by Jos. A. Bank that is required to be mailed to stockholders will be mailed to stockholders of Jos. A. Bank. INVESTORS AND STOCKHOLDERS OF JOS. A. BANK ARE URGED TO READ THE SOLICITATION / RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain free copies of the solicitation/recommendation statement and other documents (when available) filed with the SEC by Jos. A. Bank free of charge through the website maintained by the SEC at www.sec.gov. In addition, the solicitation/recommendation statement and other materials related to Men's Wearhouse's unsolicited proposal may be obtained from Jos. A. Bank free of charge by directing a request to Jos. A. Bank's Investor Relations Department, Jos. A. Bank Clothiers, Inc., 500 Hanover Pike, Hampstead, MD 21074, 410-239-5900.