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

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Suresh Patel
Sidwin Fabric

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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