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Men's Wearhouse provides mid-quarter update
10 Jul '08
2 min read
Men's Wearhouse provided its mid-quarter update of earnings per share guidance for the fiscal second quarter that will be ending August 2, 2008.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal second quarter, we are updating our Q2 2008 GAAP diluted EPS estimate to be in the range of $0.61 to $0.65 and adjusted diluted EPS to be in a range of $0.70 to $0.74. This new estimate updates our prior guidance of GAAP diluted EPS of $0.69 to $0.73 and adjusted diluted EPS of $0.75 to $0.79 provided on May 28, 2008.
"There are two principal reasons for the second quarter estimate update. First, severance costs related to the closing of the Canadian based manufacturing facility operated by the Company's subsidiary, Golden Brand, have been finalized. Total closing costs for the second quarter are now estimated at diluted EPS of $0.09. This compares to previous estimates of diluted EPS of $0.06.
Second, tuxedo rental unit volume from the Company's MW Tux stores is running below previous estimates for the quarter. As a result, consolidated tuxedo rental revenues for the second quarter are now estimated to decrease in the mid single digit range from the prior year versus the previous estimate of a decrease in the low single digit range. While the updated estimates for second quarter rental revenues are below our initial expectations they are still better year-over-year than we experienced in the first quarter."
At 5:00 p.m. Eastern time on August 27, 2008, company management will host a conference call and real time web cast to review the results for the fiscal second quarter of 2008 and provide an outlook for fiscal third quarter and update for fiscal 2008.
Neill Davis, executive vice president and CFO, stated, "After a preliminary review of the first two months' results in our fiscal second quarter, we are updating our Q2 2008 GAAP diluted EPS estimate to be in the range of $0.61 to $0.65 and adjusted diluted EPS to be in a range of $0.70 to $0.74. This new estimate updates our prior guidance of GAAP diluted EPS of $0.69 to $0.73 and adjusted diluted EPS of $0.75 to $0.79 provided on May 28, 2008.
"There are two principal reasons for the second quarter estimate update. First, severance costs related to the closing of the Canadian based manufacturing facility operated by the Company's subsidiary, Golden Brand, have been finalized. Total closing costs for the second quarter are now estimated at diluted EPS of $0.09. This compares to previous estimates of diluted EPS of $0.06.
Second, tuxedo rental unit volume from the Company's MW Tux stores is running below previous estimates for the quarter. As a result, consolidated tuxedo rental revenues for the second quarter are now estimated to decrease in the mid single digit range from the prior year versus the previous estimate of a decrease in the low single digit range. While the updated estimates for second quarter rental revenues are below our initial expectations they are still better year-over-year than we experienced in the first quarter."
At 5:00 p.m. Eastern time on August 27, 2008, company management will host a conference call and real time web cast to review the results for the fiscal second quarter of 2008 and provide an outlook for fiscal third quarter and update for fiscal 2008.
Men's Wearhouse
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