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8-K - FORM 8-K - TAILORED BRANDS INC | h82073e8vk.htm |
Exhibit 99.1
News Release | ||
Contacts: | ||
For Immediate Release |
||
Neill Davis, Mens Wearhouse | ||
(281) 776-7000 | ||
Ken Dennard, DRG&L | ||
(713) 529-6600 |
MENS WEARHOUSE ANNOUNCES SELECTED PRELIMINARY
FISCAL 2011 FIRST QUARTER RETAIL SALES RESULTS
FISCAL 2011 FIRST QUARTER RETAIL SALES RESULTS
Diluted earnings per share expected to be significantly higher than original guidance;
Q1 Adjusted EPS now estimated to be 57%-67% above prior guidance
HOUSTON May 5, 2011 The Mens Wearhouse (NYSE: MW) today announced results for its retail
segment sales and updated its diluted earnings per share guidance ranges for the fiscal first
quarter ended April 30, 2011.
First Quarter Retail Segment Sales Estimates Summary -Fiscal 2011 | |||||||||||||||||||||
Total Sales | Comparable Store Sales | ||||||||||||||||||||
U.S. dollars, in millions | Change % | Change% | |||||||||||||||||||
Current Year | Prior Year | Current Year | Prior Year | ||||||||||||||||||
Total Retail Segment |
$ | 520.7 | $ | 469.8 | 10.8 | % | |||||||||||||||
MW |
$ | 354.7 | $ | 318.3 | 11.4 | % | 10.8% | (a) | 2.4% | (a) | |||||||||||
K&G |
$ | 106.7 | $ | 98.3 | 8.6 | % | 9.3% | (a) | - 4.9% | (a) | |||||||||||
Moores Canada |
$ | 53.2 | $ | 47.4 | 12.2 | % | 6.0% | (b) | 0.2% | (b) | |||||||||||
(a) | Does not include ecommerce sales. | |
(b) | Comparable store sales change is based on the Canadian dollar. |
Neill Davis, EVP and CFO of Mens Wearhouse, stated, After a preliminary review of our first
quarter retail segment sales results, our GAAP diluted earnings per share are estimated to be in a
range of $0.46 to $0.49 or a 59% to 69% increase over the high end of the prior first quarter
guidance of $0.29. Adjusted diluted earnings per share are estimated to be in a range of $0.47 to
$0.50 or a 57% to 67% increase over the high end of the prior first quarter guidance of $0.30.
Retail apparel sales for the quarter were driven by increases in average transaction values due to
stronger than expected responses to the Companys value offerings during the quarter.
We continue to transition our business from an everyday low price to a more aggressive promotional
model and are encouraged with the very positive customer responses to our value offerings we
received during the first quarter. Current market conditions require an aggressive and flexible
promotional strategy and we will continue to adjust our tactics to maximize our returns. We will
likely experience continued volatility in actual versus estimated results until we anniversary our
promotional strategies and as macro-economic conditions change, concluded Davis. Adjusted
earnings per share exclude estimated acquisition integration expenses of $0.7 million ($0.4 million
after tax or $0.01 per diluted share outstanding).
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Mens Wearhouse plans to announce actual 2011 first quarter results as well as provide second
quarter and updated full year guidance on June 8, 2011. Management will hold a conference call to
review the quarter and guidance. The conference call dial-in information will be released two
weeks prior to the event.
Founded in 1973, Mens Wearhouse is one of North Americas largest specialty retailers of mens
apparel with 1,187 stores. The Mens Wearhouse, Moores and K&G stores carry a full selection of
designer, brand name and private label suits, sport coats, furnishings and accessories and Mens
Wearhouse and Tux stores carry a limited selection. Tuxedo rentals are available in the Mens
Wearhouse, Moores and Mens Wearhouse and Tux stores. Additionally, Mens Wearhouse operates a
global corporate apparel and workwear group consisting of TwinHill in the United States and
Dimensions and Alexandra in the United Kingdom.
This press release contains forward-looking information. The forward-looking statements are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be significantly impacted by various factors, including
sensitivity to economic conditions and consumer confidence, possibility of limited ability to
expand Mens Wearhouse stores, possibility that certain of our expansion strategies may present
greater risks, changes in foreign currency rates and other factors described in the Companys
annual report on Form 10-K for the fiscal year ended January 29, 2011.
For additional information on Mens Wearhouse, please visit the Companys website at
www.menswearhouse.com. The website for K&G is
www.kgstores.com. The website for Moores is
www.mooresclothing.com. The website for Dimensions is www.dimensions.co.uk, the website
for Alexandra is www.alexandra.co.uk and the website for
TwinHill is www.twinhill.com.
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