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Men's Wearhouse gross margin slides to 42.77%

13
Mar '08
The Men's Wearhouse announced its consolidated financial results for the fourth quarter and fiscal year ended February 2, 2008.

This year's 13 week fourth quarter operating income was $21.5 million compared to $73.2 million for last year's 14 week quarter and net income was $14.8 million compared to $52.3 million last year.

Diluted earnings per share were $0.28 for the fourth quarter ended February 2, 2008 compared to $0.95 last year. MW Tux (formerly After Hours), after acquisition funding costs, decreased the diluted earnings per share for the fourth quarter by $0.37.

Fiscal year 2007's 52 week operating income was $228.7 million compared to $223.9 million for last year's 53 week period and net income was $147.0 million compared to $148.6 million last year.

Diluted earnings per share were $2.73 for the full year compared to $2.71 last year. MW Tux (formerly After Hours), after acquisition funding costs, increased the diluted earnings per share for fiscal year 2007 by $0.02.

It should be noted that the seasonality of MW Tux (formerly After Hours) revenues is heavily concentrated in April, May and June.

Second quarter, followed by third quarter, is the highest revenue quarter and first and fourth quarters are considered off season.

As a result, MW Tux (formerly After Hours) typically has income in the second and third quarters and losses in the first and fourth quarters.

In the summer of 2008, theCompany expects to close its Canadian based manufacturing facility, operated by its subsidiary, Golden Brand.


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