Tailored Brands' Q1 FY16 net sales slightly down

09 Jun '16

2 min read

Specialty retailer Tailored Brands posted slight decline – of 6.36 per cent – in net sales to $828.8 million during the first quarter of fiscal 2016, ended April 30, as compared to $885.08 in the corresponding quarter last fiscal, partially owing to an increase in net selling prices at the company's largest brand, Men's Wearhouse.

Net sales decreased 3.2 per cent at Men's Wearhouse to $441.6 million during Q1 of fiscal 2016, because of a decline in transactions on an average at the stores and units per transaction. The decline was result of an increase in average unit retails.

Jos A Bank saw a decline of 17.4 per cent in net sales during the quarter, while K&G saw a fall of 1.3 per cent. Net sales fell by 9 per cent at Moores during the quarter. MW Cleaners saw a fall of 1.9 per cent in net sales.

Corporate apparel segment, in whole, saw a decline of 2.9 per cent in net sales during Q1.

“Our first quarter results were mixed as we navigated the difficult consumer and retail environment and cycled a strong performance in last year's first quarter,” Doug Ewert, president and CEO of Tailored Brands said.

“Importantly, we are making progress on our transition plan for Tailored Brands. We are executing on our profit improvement programme, organisational realignment, store base rationalisation and cost reductions,” he informed.

“Business seems to be improving in the second quarter, as evidenced by our May comps,” he added. (MCJ)

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