Jos. A. Bank is not just another menswear retailer. What makes us unique is also what has attracted customers to our stores for 100 years; a heritage of quality and workmanship, an extensive selection of beautifully made, classically styled tailored and casual clothing, and prices typically 20 to 30 percent below our competitors'. Add to that an expert staff of sales professionals who prize service and customer satisfaction above all, and you get the idea.

Jos A Bank PHILOSOPHY

We couldn't have built a successful business without loyal customers, so at Jos. A. Bank our products are unconditionally guaranteed. Whether you shop online, at our stores, or through our seasonal catalogs, you'll find that at Jos. A. Bank, service isn't just a concept, it's an everyday occurrence.

To keep prices low, Jos. A. Bank has eliminated the middleman by working directly with some of the world's best factories and workrooms. That means we can pass significant savings along to customers. But that doesn't mean we scrimp on quality. Our buyers scour the globe for the finest fabrics with the richest textures and colors. Our tailors keep a close eye on every detail, adhering to the highest standards of fabric, fit and construction.

BANK NOTES Over 280 stores nationwide with a full selection of men's tailored and casual clothing, footwear and accessories 4 seasonal catalogs mailed internationally with toll-free ordering in the US 24 hours a day 7 days a week 100% guarantee of satisfaction behind every item we sell A heritage of 100 years of quality, value and service

Fiscal 2004 was a year marked by impressive operational and financial accomplishments at JoS. A. Bank Clothiers, Inc. As we continue our progress towards becoming the dominant menswear brand in the United States, here area few of the Company’s achievements during the past fiscal year:


Net sales increased over 24% to a record $373 million

Net income rose over 50% to a record $24.5 million

Diluted earnings per share increased 47% to a record $1.72

Operating income improved to a record 11.3% of sales

After-tax return on stockholders’ equity reached a record of over 24% The Company’s store base was expanded by 28% all funded from operating cash flows Record cash generated from operations allowed the Company to repay approximately $23 million in debt The price of josb shares on The Nasdaq Stock Market increased 53% during calendar year 2004

We opened 60 new stores during the fiscal year ended January 29, 2005 (Fiscal 2004), in both new and existing markets across the United States. These openings included our first stores in Washington and Nebraska, and we expanded the number of locations in California from 5 to 12 during our second year of retail store operations in that state.

Over 40% of the new stores were located in lifestyle centers— a retailing format that is performing very well for the Company while most of the other new stores opened in financial districts, malls and other real estate sites that also have been successful in the past. I am pleased to report that average operating profit percent for all stores improved in fiscal 2004 for the fifth consecutive year. Our aggressive store expansion program will continue in 2005, when we expect to add 60 to 75 new locations to our retail network.

During the second half of 2004, we launched a national brandbuilding campaign on television and in select magazines (e.g. Forbes, Fortune, Golf Digest). We also tested television as a promotional medium and believe this can play an important role in our long-term advertising strategy.

Sales of our Luxury Signature and Signature Gold lines of suits and related accessories continued to grow at a faster rate than our overall business. These luxury brands, which have been expanded in the past several years, now represent over one-third of our aggregate suit and tie sales.

In the Performance category, we introduced a line of stainresistant and wrinkle-resistant polo shirts and casual pants during the spring of 2004. As part of our popular Traveler line, these new products were very successful, and we introduced similar merchandise into our Suit Separates program during the fourth quarter.

We were pleased with the results of both our new and existing stores during the most recent fiscal year. Our sales increase of 24.3% included a comparable-store sales gain of 8.4% and a total store sales gain of 25.2%. We also had a gain of 22.7% in our catalog and internet sales. The new brand-building media campaign that was launched last year is designed to benefit the multi-channel retailing strategy that has proven so successful for our Company in recent years.

From a balance sheet perspective, we ended the fiscal year in excellent shape. The Company generated over $51 million cash from operations during fiscal 2004, which allowed us to open 60 new stores and expand our distribution center, while paying down approximately $23 million in debt. We ended the year with less than $7 million of debt and the Company is well-positioned to finance additional store expansion in fiscal 2005.

During fiscal 2004, Jos. A. Bank Clothiers once again outperformed most public companies in many categories. Our earnings per diluted share (“eps”) rose over 47% to a record $1.72, when compared with eps of $1.17 in the previous fiscal year. This was our fourth consecutive year of record annual earnings, and quarterly profits have risen in each of the past 14 reporting periods when compared with the corresponding prior year period. Our operating income margins and return on equity also reached record levels, and our common stock, which trades on the Nasdaq National Market system under the symbol josb, appreciated approximately 53% in price during the calendar year 2004.

While we are proud of the Company’s achievements and the outstanding returns we have delivered to shareholders in recent years, our goals for the future are no less ambitious. Even though we now have stores in 37 states, management is enthusiastic about the opportunity for further expansion in new and existing markets. We continue to target a double digit annual earnings gain in fiscal 2005 as part of our plan to grow the store base to a projected 500 locations by the end of fiscal 2007.

As stated at the beginning of this letter, our primary goal is for JoS. A. Bank Clothiers to become recognized as the dominant menswear brand in the united states, and I believe we are well along the road towards accomplishing this objective. On behalf of our management team and the Board of Directors, I would like to thank all of our customers, vendors, and shareholders for their continued support, and I look forward to reporting further upon our progress during 2005.


JoS. A. Bank Clothiers Announces 15.3% Increase in July Sales; Second Quarter Earnings Per Share to Increase at Least 38%

HAMPSTEAD, Md.--(BUSINESS WIRE)--Aug. 4, 2005--JoS. A. Bank Clothiers, Inc. (NASDAQ National Market: "JOSB") announces that its total sales for the fiscal month ended July 30, 2005 (fiscal July 2005) increased 15.3% to $27.1 million compared with $23.5 million in fiscal July 2004. Comparable store sales increased 0.5% when compared with the month of July 2004, while combined catalog and internet sales increased 21.5%. 

CONTACT: Jos. A. Bank Clothiers, Inc., Hampstead, MD
E-commerce Address for JoS. A. Bank Clothiers, Inc.:
www.josbank.com
SOURCE: JoS. A. Bank Clothiers, Inc.



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Joseph A. Bank