[ad_1]
Tailored Brands, Inc., for the fourth quarter ended February 2, 2019,
reported GAAP net earnings of 6.2 million dollars or 12 cents per diluted
share and adjusted net loss of 14.2 million dollars or 28 cents per diluted
share. For the fiscal year, the company reported GAAP net earnings of 83.2
million dollars or 1.64 dollars per diluted share and adjusted net earnings
of 117.1 million dollars or 2.31 dollars per diluted share.
“In fiscal 2018, we delivered positive retail comps of 1.2 percent, with
all brands positive, and we reported full year adjusted EPS of 2.31
dollars, consistent with the revised guidance we provided in January.
During the fourth quarter, comps at Men’s Wearhouse and Jos. A. Bank were
down and this trend has continued into the first quarter of 2019. We
attribute the current softness to both the macro-environment as well as the
need for us to execute more quickly and effectively on our core growth
strategies,” said Tailored Brands Executive Chairman Dinesh Lathi in a
statement.
Q4 net sales drop 8.6 percent at Tailored Brands
On a GAAP basis, the company’s total net sales decreased 8.6 percent to
785.8 million dollars, while on an adjusted basis, which excludes the 17.6
million dollars favourable impact of changes made to the loyalty programs,
total net sales decreased 10.7 percent to 768.1 million dollars. On a GAAP
basis, retail net sales decreased 7.3 percent to 730 million dollars and on
an adjusted basis, the decrease was 9.5 percent to 712.4 million dollars
due to the impact of last year’s 53rd week, the 1.5 percent decrease in
retail comparable sales, and a 12 million dollars decrease in alteration
and other services revenue largely resulting from the MW Cleaners
divestiture.
The company said, corporate apparel net sales decreased 23.3 percent to
55.7 million dollars, due to lower replenishment demand in both the United
Kingdom (UK) and the US, the impact of last year’s 53rd week, and the
impact of a weaker British pound this year.
Men’s Wearhouse comparable sales decreased 3.2 percent, while comparable
rental services revenue increased 0.7 percent. Jos. A. Bank comparable
sales decreased 0.5 percent, K&G comparable sales increased 0.9 percent and
Moores comparable sales increased 2.8 percent.
Tailored Brands full year net sales decrease 2 percent
On a GAAP basis, total net sales for the full year decreased 2 percent
to 3,239.9 million dollars, while on an adjusted basis, which excludes the
17.6 million dollars favourable impact of changes made to the loyalty
programs, total net sales decreased 2.5 percent to 3,222.3 million
dollars.
On a GAAP basis, retail net sales decreased 1.6 percent to 3,004.5
million dollars and on an adjusted basis, retail net sales decreased 2.2
percent resulting from the impact of last year’s 53rd week and a 34.2
million dollars decrease in alteration and other services primarily
resulting from the MW Cleaners divestiture, partially offset by an increase
in comparable sales of 1.2 percent. Corporate apparel net sales decreased
6.3 percent or 15.9 million dollars, due to lower replenishment demand in
the UK and the US as well as the impact of last year’s 53rd week, partially
offset by a stronger British pound for the full year.
Men’s Wearhouse comparable sales increased 0.8 percent, comparable
rental services revenue decreased 4.9 percent, primarily reflecting the
trend to purchase suits for special occasions. Jos. A. Bank comparable
sales increased 1.4 percent, K&G comparable sales increased 1.5 percent and
Moores comparable sales increased 2.4.
Tailored Brands announces expectations for Q1
For the first quarter, Tailored Brands expects to achieve adjusted
diluted EPS in the range of 10 cents to 15 cents, comparable sales for
Men’s Wearhouse to be down 3 percent to 5 percent, for Jos. A. Bank to be
down 3 percent to 5 percent, for Moores to be down 5 percent to 7 percent
and for K&G to be flat to up 2 percent. The company expects corporate
apparel net sales to be down 10 percent to 12 percent. Tailored Brands
plans to close three Jos. A. Bank stores.
Picture:Facebook/Moores Clothing
[ad_2]
READ SOURCE
