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Net earnings nearly halve at Tailored Brands in Q2FY17
20
Sep '16
Courtesy: Tailor Brands
Courtesy: Tailor Brands
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)

Fibre2Fashion News Desk – India

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