Home / Knowledge / News / Apparel/Garments / Moores Comp store sales to be flat to low single digit increase
Moores Comp store sales to be flat to low single digit increase
09
Dec '09
The Men's Wearhouse announced its consolidated financial results for the third quarter ended October 31, 2009.

Diluted earnings per common share were $0.37 for the third quarter ended October 31, 2009. This compares to diluted earnings per common share guidance given September 9, 2009 of $0.27 to $0.30. Prior year third quarter GAAP diluted earnings per common share were $0.28 and adjusted diluted earnings per common share were $0.30 excluding $1.8 million (pre tax), or $0.02 per diluted share outstanding, in costs incurred in connection with the closure of the Canadian-based manufacturing facility operated by the Company's subsidiary, Golden Brand.

Third Quarter Review:

• Total Company sales increased 0.5% for the quarter.
• Clothing product sales, representing 72.3% of fiscal third quarter 2009 total net sales, decreased 0.2% due to decreases in the Company's comparable store sales primarily driven by a reduction in store traffic levels offset by higher average ticket.
• Tuxedo rental sales, representing 21.1% of fiscal third quarter 2009 total net sales, increased 1.2%.
• Gross margin before occupancy costs, as a percentage of total net sales, decreased 50 basis points from 60.0% to 59.5%. Clothing product margins, as a percentage of related sales, decreased 114 basis points due to increased promotional activities and were offset by higher alteration service margins and the impact of the higher margin tuxedo rental revenues. Tuxedo rental revenue increased slightly as a mix of total sales from 21.0% to 21.1%.
• Occupancy costs decreased, as a percentage of total net sales, by 27 basis points from 15.9% to 15.7%. On an absolute dollar basis, occupancy costs decreased 1.2% from $73.3 million in the prior year to $72.4 million.
• Selling, general, and administrative expenses were $172.6 million in the current year and decreased 2.6% from the prior year's adjusted SG&A of $177.1 million which excludes $1.8 million in costs associated with the closing of Golden Brand. The decrease is primarily due to cost-cutting measures and operational efficiencies. As a percentage of total net sales, adjusted SG&A decreased 118 basis points from 38.5% to 37.4%. SG&A excluding advertising decreased 4.8% from the adjusted prior year quarter.
• Operating income was $30.1 million or 6.5% of total net sales compared to adjusted operating income of $25.6 million or 5.6% of total net sales for the same period last year, excluding $1.8 million in Golden Brand closure costs. Net income was $19.7 million or 4.3% of total net sales compared to adjusted net income of $15.7 million or 3.4% of total net sales for the same period last year, which excludes $1.1 million in Golden Brand closure costs (net of tax).
• Cash and cash equivalent balances as of the end of the third quarter of 2009 were $198.5 million, an increase of $96.8 million over the cash and cash equivalent balances plus amounts held in short-term investments as of the same period last year.


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Larry L Kinn
Suominen Corporation

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search