Home / Knowledge / News / Apparel/Garments / Q2FY16 sales climb 14.6% at Men's Wearhouse
Q2FY16 sales climb 14.6% at Men's Wearhouse
14
Sep '15
GAAP net sales for the three months to August 1, 2015 climbed 14.6 per cent year over year at US based apparel marketer, The Men's Wearhouse.

For the second quarter of fiscal 2016, GAAP net sales rose 14.6 per cent over the prior fiscal's second quarter or $117.0 million to $920.1 million.

In a press release, Men's Wearhouse said its Retail segment net sales for the reporting period too soared 16.6 per cent or $122.5 million.

However, Corporate apparel sales declined by 8.2 per cent or $5.5 million over the previous fiscal's second quarter.

Total gross profit for the second quarter of fiscal 2016 amounted to $418.7 million, up $60.1 million or 16.8 per cent year on year.

“As a percentage of sales, total gross margin increased 86 basis points to 45.5 per cent of net sales,” the company informed.

Advertising expenses for the quarter under review increased $6.8 million to $45.0 million and represented a 13 basis point increase in expense.

Selling, general and administrative expenses decreased $2.0 million to $275.6 million, a 462 basis points decline.

Operating income for the reporting period grew $55.4 million to $98.1 million and was 10.7 per cent of net sales compared to 5.3 per cent in the fiscal ago period.

GAAP net interest expense for the second quarter of current fiscal was $26.5 million, while effective tax rate for the second quarter was 33.3 per cent.

The company also noted that its GAAP diluted EPS for second quarter of fiscal 2016 was $0.98 and adjusted EPS was $1.07 excluding non-operating items.

CEO Doug Ewert stated, "We continue to be pleased with the performance of our legacy brands as comparable sales rose 3.1 per cent at Men's Wearhouse, 0.7 per cent at Moores and 6.7 per cent at K&G.

Excluding rental revenue, Men's Wearhouse clothing comparables climbed 6.5 per cent driven by higher average unit retails, while its comparable rental revenue dropped 3.3 per cent.

Ewert too added, "The Jos. A. Bank business struggled in the second quarter with comparable sales decreasing 9.4 per cent."

"We are focused on rebuilding the Jos. A. Bank profit model and in doing so, we expect top-line volatility as we establish a promotional model with broader customer appeal and strengthen the margin profile,” he informed.

Taking this into consideration, as well as the impact of the second quarter results, the company expects to be within its EPS guidance range of $2.70 to $2.90 for the full fiscal. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

July 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

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

Yes No

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

Yes No

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


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



X