Clothing product sales drop at Men's Wearhouse

11 Mar '10

5 min read

• Total inventories as of the end of the fourth quarter of 2009 were $431.5 million, a decrease of 2.0% from the prior year same period of $440.1 million.
• Long term debt as of the end of the fourth quarter of 2009 was $43.5 million, a decrease of $19.4 million from the same period last year.
• Fiscal 2009 total capital expenditures were $56.9 million, which consisted of $29.9 million for new stores, store remodels and store relocations and $27.0 million related to information technology and distribution centers and other corporate projects.
• During fiscal 2009, the Company opened 5 new Men's Wearhouse stores and 1 Men's Wearhouse and Tux store and closed 4 Men's Wearhouse stores, 1 K&G store, and 36 Men's Wearhouse and Tux stores.

First Quarter 2010 Guidance

• For the first quarter of the fiscal year, the Company expects GAAP diluted earnings per share in a range of $0.12 to $0.16.
• The Company anticipates comparable store sales at its MW stores to be flat to a decline in the low single digit range, at K&G a decrease in the low single digit range and at Moores a flat to low single digit decrease. Included in this outlook is a low single digit increase in tuxedo rental revenues.
• Total gross profit for the first quarter is expected to increase in the low single digit range from the prior year. Occupancy costs are expected to decrease in a low single digit range in absolute dollar terms. Selling, general and administrative expenses are expected to increase in the low single digit range from the prior year.
• This guidance includes an estimated effective tax rate of 35.2% for the first quarter.
• Fully diluted shares outstanding of 52.5 million are estimated for the first quarter.
• Capital expenditures for the full year are targeted in a range of $55 million to $60 million and depreciation and amortization is estimated at $75 million.

Men's Wearhouse

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