The Men's Wearhouse announced its consolidated financial results for the fiscal fourth quarter and the full year ended February 2, 2013.
Total net sales for the 2012 fiscal fourth quarter increased 8.2% to $608.4 million from $562.2 million for the same period a year ago. Retail segment sales for the quarter increased by 6.8% or $34.8 million and corporate apparel sales increased by 21.5% or $11.5 million. For the full 2012 fiscal year, net sales increased by 4.4% to $2,488.3 million, with a retail segment increase of 5.1% and a corporate apparel segment decrease of 1.7%.
The GAAP basis net loss for the 2012 fiscal fourth quarter was $3.4 million or $0.07 diluted loss per share, compared to a net loss of $3.8 million, or $0.07 diluted loss per share, in the same period in 2011.
Last year's fourth quarter adjusted diluted loss per share was $0.05 after excluding $1.3 million ($0.9 million after tax or $0.02 per diluted share) in acquisition related integration costs and $0.3 million ($0.2 million after tax or less than $0.01 per diluted share) for non-cash asset impairment charges.
For the full 2012 fiscal year, GAAP basis net earnings were $131.7 million, or $2.55 diluted earnings per share, compared to net earnings of $120.6 million, or $2.30 diluted earnings per share, for the 2011 fiscal year. On an adjusted basis, fiscal year 2011 net earnings were $124.4 million or $2.38 adjusted diluted earnings per share after excluding $3.8 million ($2.5 million after tax or $0.05 per diluted share) in acquisition related integration costs and $2.0 million ($1.3 million after tax or $0.03 per diluted share) for non-cash asset impairment charges.
Doug Ewert, Men's Wearhouse president and chief executive officer, stated, "Our fourth quarter started out with an unprecedented volume decline in November which we described in our third quarter earnings release and conference call.
The balance of the fourth quarter improved over November results; however, macro-economic conditions remained challenging for our customers throughout the period, which resulted in fourth quarter and full year results that were two cents below the low end of our guidance range provided on December 5, 2012.
"Net sales at our core flagship brand Men's Wearhouse stores, which represented 61% of our total fourth quarter sales, were up 9.1% over last year's fourth quarter, and comparable store sales increased 1.0%, at the low end of our guidance range for the quarter. Our higher margin tuxedo rental revenues had an above guidance U.S. comparable store sales increase of 9.4% in the fourth quarter, driven by increased unit rental rates and unit rentals.
"Moores, our retail brand in Canada, was 11% of our total sales mix in the 2012 fourth quarter and delivered a comparable store sales decrease of 5.5%, below our expectations," continued Ewert. "K&G, with 16% of our total fourth quarter sales, had a comparable store sales decrease of 5.7%, also below our expectations.