Home / Knowledge / News / Apparel/Garments / Men's Wearhouse FY'13 net sales dip marginally
Men's Wearhouse FY'13 net sales dip marginally
12
Mar '14
The Men's Wearhouse announced consolidated financial results for the fiscal year ended February 1, 2014. 
 
Fiscal year 2013 had 52 weeks compared with 53 weeks in fiscal year 2012.  Consequently, results for the fourth quarter and fiscal year 2013 were negatively impacted by the additional week in 2012. Comparable sales for the fourth quarter and fiscal year 2013 do not include an additional week in fiscal year 2012.
 
Total net sales for fiscal year 2013 decreased 0.6% to $2.5 billion, and total Men's Wearhouse brand revenues were up 1.6% over fiscal 2012 and up 3% on a 52 week fiscal comparison. GAAP diluted EPS for fiscal year 2013 was $1.70 and adjusted EPS was $2.21 excluding one-time costs. 
 
Total net sales for the fiscal 2013 13-week fourth quarter decreased 7.9% to $560.6 million from $608.4 million in last year's 14-week fourth quarter.  GAAP loss per share was $0.64 for the fourth quarter of 2013.  Adjusted loss per share was $0.38 excluding one-time costs. 
 
Doug Ewert, Men's Wearhouse president and chief executive officer, commented, "We were not immune to the effects of weak consumer spending sentiments and severe weather disruption that impacted most retailers in December and January.  Tuxedo and corporate apparel sales were in-line with internal expectations, while clothing sales in all three retail chains were lower than expected.  
 
Weather-related store closures and an aggressive promotional retail environment resulted in a traffic decline. We estimate that approximately one-quarter of the 2.5% comparable sales decrease in the fourth quarter at Men's Wearhouse was due to these closures."
 
Ewert added, "We executed an aggressive advertising and promotional plan, and made adjustments as the challenging retail environment unfolded during the quarter.  We proactively increased our promotional activity, including incremental advertising spending, and reduced our expenses accordingly. 
 
Subsequently, we have seen business improve significantly in February, as both Men's Wearhouse and Moores finished the month with approximately 3% and 9% comparable sales increases respectively, overcoming additional weather-related store closures.  
 
Click here to view full results.
 

Men's Wearhouse

Must ReadView All

Apparel/Garments | On 26th Aug 2016

China may increase pilot cross-border e-com cities

Cross-border e-commerce is becoming a new driving force of China’s...

Textiles | On 26th Aug 2016

Vigorous global competition challenge for EU textile firms

Vigorous global competition is among the main challenges for the...

Apparel/Garments | On 26th Aug 2016

Japan’s clothing imports down 7.1% in H1 2016

In the first six months of 2016, Japan’s clothing and accessories’...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
August 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search