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Net earnings nearly halve at Tailored Brands in Q2FY17
09
Sep '16
For the three months ended July 30, 2016, net earnings at apparel marketer Tailored Brands nearly halved to $25 million compared to net earnings of $47.8 million in the earlier fiscal's same period. Total gross margin amounted to $410.3 million, down $8.4 million, or 2.0 per cent, due primarily to the decrease in retail segment net sales. 

Diluted EPS at the company, which has brands like Men's Warehouse, Jos. A. Bank and Moores in its portfolio, was down to $0.51 as against $0.98 in the prior fiscal's second quarter.

Total net sales declined marginally by 1.1 per cent year on year or $10.4 million, to $909.7 million in the second quarter of fiscal 2017. Of this, retail segment net sales decreased 3.4 per cent, while corporate apparel sales surged 30.0 per cent over the fiscal ago quarter.

As a percent of sales, total gross margin dropped 40 basis points to 45.1 per cent of net sales, mainly from the impact of clearance activity as Tailored Brands exited the factory/outlet business.

Operating income for the quarter under review stood at $59.6 million, also down from operating income of $98.1 million in the second quarter of fiscal 2016. (AR)

Fibre2Fashion News Desk – India

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