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Men's Wearhouse posts Q2 results
10 Sep '09
5 min read
Total inventories of $430.8 million declined 5.8% from the prior year second quarter of $457.2 million. Long term debt as of the end of the second quarter of 2009 was $43.2 million, a decrease of $41.1 million from the same period last year.
THIRD QUARTER FISCAL 2009 GUIDANCE
For the third quarter, the Company expects GAAP diluted earnings per common share to be in a range of $0.27 to $0.30.
The Company anticipates comparable store sales of its retail apparel business to decline in a range of 2% to 3% and comparable store sales of its tuxedo rental revenues to increase in a range of 1% to 2% for the third quarter. Total Company sales are expected to be flat to a decrease of 2% for the third quarter.
Gross profit before occupancy costs for the third quarter is expected to decline in the low single digit range from the prior year as the Company continues a more aggressive posture in strengthening its value proposition for customers. Occupancy costs are expected to be flat for the third quarter in absolute dollar terms.
Selling, general and administrative expenses for the third quarter are expected to decline by 4% to 5% from the prior year, excluding advertising costs and $1.8 million in prior year costs associated with the closing of Golden Brand.
This guidance includes an estimated effective tax rate of approximately 33.0% for the third quarter. The Company's effective tax rate for the fiscal year is now estimated at 36.1%.
Weighted average fully diluted common shares outstanding are estimated to be 52.285 million for the third quarter and 52.195 million for the full year.
THIRD QUARTER FISCAL 2009 GUIDANCE
For the third quarter, the Company expects GAAP diluted earnings per common share to be in a range of $0.27 to $0.30.
The Company anticipates comparable store sales of its retail apparel business to decline in a range of 2% to 3% and comparable store sales of its tuxedo rental revenues to increase in a range of 1% to 2% for the third quarter. Total Company sales are expected to be flat to a decrease of 2% for the third quarter.
Gross profit before occupancy costs for the third quarter is expected to decline in the low single digit range from the prior year as the Company continues a more aggressive posture in strengthening its value proposition for customers. Occupancy costs are expected to be flat for the third quarter in absolute dollar terms.
Selling, general and administrative expenses for the third quarter are expected to decline by 4% to 5% from the prior year, excluding advertising costs and $1.8 million in prior year costs associated with the closing of Golden Brand.
This guidance includes an estimated effective tax rate of approximately 33.0% for the third quarter. The Company's effective tax rate for the fiscal year is now estimated at 36.1%.
Weighted average fully diluted common shares outstanding are estimated to be 52.285 million for the third quarter and 52.195 million for the full year.
Men's Wearhouse
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