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Sales rise marginally at Men's Wearhouse in Q1 FY'12
07
Jun '12
The Men's Wearhouse announced its consolidated financial results for the fiscal first quarter ended April 28, 2012.

First Quarter Highlights

Total Company net sales increased 1.1% for the quarter.
• Retail segment sales increased 3.1%.
This increase was due mainly to increased retail clothing product sales. Men's Wearhouse sales increased due to an increase in average unit selling prices that more than offset fewer units sold per transaction and average number of transactions per store.

Moores sales increased due to an increase in both average unit selling prices and units sold per transaction that more than offset a decrease in the average number of transactions per store. K&G sales declined due to lower average unit selling prices that offset increases in both units sold per transaction and average number of transactions per store.

Tuxedo rental services revenues had U.S. comparable store sales of 8.1% driven primarily by an increase in units rented.

• Corporate apparel segment sales decreased 16.4% primarily due to later launch dates for customer new uniform programs in fiscal 2012 as compared to fiscal 2011.

Total Company gross margin increased 3.0% to $254.0 million and as a percentage of sales increased 82 basis points.
• Retail segment total gross margin, as a percentage of related net sales, increased 69 basis points. This increase was primarily attributable to higher product margins driven by higher average unit selling prices in the U.S. and Canada.

• Corporate apparel segment gross margin, as a percentage of related sales, decreased from 27.8% in the first quarter of 2011 to 26.5% in the first quarter of 2012 due mainly to the decreased new uniform program sales by UK-based operations.

Total Company SG&A expenses increased compared to prior year adjusted SG&A by 5.3% to $213.1 million and as a percentage of sales increased 147 basis points.
• The quarter over quarter increase was primarily due to payroll related costs and advertising. Increased investments in payroll to support store growth, merchandising initiatives and further development of ecommerce put in place during the second half of the prior fiscal year caused the increase in SG&A to be more heavily weighted in the first quarter of 2012.

Net earnings decreased compared to prior year adjusted net earnings by 3.5% to $26.9 million and as a percentage of sales decreased 22 basis points.

• Total inventories increased 16.4% primarily to replenish comparatively oversold levels in the prior year as we embarked on a more aggressive promotional cadence.

• Total cash and cash equivalents at quarter end were $118.7 million.

• During the quarter, the Company repurchased 0.9 million shares for a total of $33.9 million.

• Adjusted SG&A and adjusted operating earnings for first quarter 2011 excludes $0.7 million in acquisition related integration costs.


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