"Jos. A. Bank Clothiers, Inc. (NASDAQ: JOSB) matches the value criteria used by our Benjamin Graham stock screening model by 100%," suggests John Reese.

In his Validea newsletter, he assesses stocks based on the strategies of numerous "legendary" stock market investors. Here's his review of the apparel retailing chain.

"Jos. A. Bank is a designer, retailer and direct marketer of men's tailored and casual clothing and accessories through stores, catalog and Internet.

"The company sells substantially all of its products exclusively under the Jos. A. Bank label through its 422 retail stores, as well as through the company's nationwide catalog and Internet operations.

"Our Ben Graham stock selection model requires that the current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. JOSB's current ratio of 2.81 passes the test.

Clothing retailer The Bon-Ton Stores (NASDAQ: BONT) reported 4Q and FY2007 results that were not at all impressive. Investors bid up the stock almost 12% to just under $6 per share on crummy numbers. Go figure!

The good news is the bad news could be worse. Many retail sectors got hammered late in 2007. Bon-Ton Stores was no exception. 4Q2007 net income was down $13.2 million. FY2007 net income was down substantially as well. Same-store sales, an important number in retail, declined by 3.6%. Total sales were off by 8.9%. Gross margins decreased by $50.8 million. Credit card finance earnings declined. In fact, the only upward trending number in the earnings release was inventory markdowns. How can CEO Bud Bergren state, with a straight face, that Bon-Ton Stores will maintain its "strong financial position?"

The near-term future for clothing retailers does not look encouraging. Bon-Ton Stores forecasts same-store sales in the negative 1-2% range, with gross margins predicted to remain the same as in FY2007, and those margins declined. Lease related interests went up in FY2007 but should remain flat in 2008. The company hopes to generate at least $50 million, not to be used to expand but to pay down long-term debt. FY2008 diluted EPS is forecast in the 20 to 45 cents range. It may take most of 2008 before clothing retailers become attractive investment options again.