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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.

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