Total net sales for the fiscal 2012 third quarter increased 7.9% to $631.0 million from $584.6 million for the same period a year ago. Retail segment sales increased by 7.7% or $40.2 million and corporate apparel sales increased by 10.1% or $6.1 million.
Comparable diluted earnings per share rose 20% over last year's third quarter and were within the $0.95 to $0.98 guidance range given on September 5, 2012.
Net earnings for the 2012 fiscal third quarter was $48.8 million, or $0.95 diluted earnings per share, compared to net earnings of $39.9 million, or $0.77 diluted earnings per share, in the same period in 2011.
Last year's third quarter adjusted diluted earnings per share was $0.79 after excluding $1.0 million ($0.7 million after tax or $0.01 per diluted share) in acquisition related integration costs and $0.7 million ($0.5 million after tax or $0.01 per diluted share) for a non-cash asset impairment charge.
Doug Ewert, Men's Wearhouse president and chief executive officer, stated, "Sales at our flagship brand Men's Wearhouse stores, which represented 65% of our total third quarter sales, were above both prior year sales and our plan for the quarter. Comparable store sales increased 9.5% as our customers responded well to our promotions and value proposition in the third quarter. In addition, our higher margin tuxedo rental revenues had a U.S. comparable store sales increase of 10.9% in the third quarter, driven by increased unit rental rates and unit rentals as well as the absence of the rentals shift last year to the fourth quarter for the 11-11-11 event date.
"Moores, our retail brand in Canada, was 11% of our total sales mix in the 2012 third quarter and delivered a comparable store sales increase of 3.0%," continued Ewert. "K&G, with 12% of our total third quarter sales, had a comparable store sales decrease of 4.2%.
"Sales at K&G were disappointing as customers did not respond to our promotions and new marketing campaign as well as expected. Our Corporate Apparel segment, which represented 11% of our total 2012 third quarter sales, had a sales increase of 10.1% as planned launch dates for customer uniform programs occurred."
Founded in 1973, Men's Wearhouse is one of North America's largest specialty retailers of men's apparel with 1,144 stores.
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