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Net earnings nearly halve at Tailored Brands in Q2FY17
20 Sep '16
1 min read
Net earnings for the second quarter ended July 30, 2016 at Tailored Brands nearly halved at $25.0 million as against net earnings of $47.8 million in the fiscal ago period, while diluted EPS was $0.51 compared to diluted EPS of $0.98 in the prior fiscal's second quarter. However, net sales declined slower by 1.1 per cent year over year to $909.7 million.
For the second quarter of fiscal 2017, gross profit amounted to $410.3 million, down 2.0 per cent; driven down by the drop in retail segment net sales.
As a percent of sales, gross margin fell 40 basis points to 45.1 per cent of net sales, primarily due to the impact of clearance activity as it exited the factory/outlet business.
Operating income for the reporting quarter totaled $59.6 million vis-à-vis operating income of $98.1 million in the second quarter of fiscal 2016.
Net interest expense for the quarter under reviews was higher at $25.8 million versus $26.5 million in the comparable period of earlier fiscal, while the effective tax rate 25.9 per cent as against 33.3 per cent. (AR)
For the second quarter of fiscal 2017, gross profit amounted to $410.3 million, down 2.0 per cent; driven down by the drop in retail segment net sales.
As a percent of sales, gross margin fell 40 basis points to 45.1 per cent of net sales, primarily due to the impact of clearance activity as it exited the factory/outlet business.
Operating income for the reporting quarter totaled $59.6 million vis-à-vis operating income of $98.1 million in the second quarter of fiscal 2016.
Net interest expense for the quarter under reviews was higher at $25.8 million versus $26.5 million in the comparable period of earlier fiscal, while the effective tax rate 25.9 per cent as against 33.3 per cent. (AR)
Fibre2Fashion News Desk – India
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Therese Premler-Andersson
Textile Machinery Association of Sweden (TMAS)
Ata Turgutalp
Eliar Elektronik San. A.S.
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