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.