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Men's Wearhouse to close Canadian manufacturing facility

29
May '08

The Men's Wearhouse announced its consolidated financial results for the first quarter ended May 3, 2008.

Diluted earnings per share were $0.19 for the first quarter ended May 3, 2008. Adjusted diluted earnings per share were $0.20 after excluding $0.9 million of closure costs incurred in connection with the Company's previously announced planned closure of the Canadian based manufacturing facility operated by its subsidiary, Golden Brand.

This compares to adjusted diluted earnings per share guidance given March 12, 2008 of $0.20 to $0.24. Diluted earnings per share for the prior year first quarter, after pro forma adjustments for the April 9, 2007 After Hours acquisition as if it had occurred on January 29, 2006, were $0.59 (refer to the Company's first quarter fiscal 2007 quarterly report on Form 10-Q and comments below). Prior year first quarter GAAP diluted earnings per share were $0.75.

First Quarter Highlights:
The condensed consolidated statements of earnings attached to this press release reflect the Company's GAAP results of operations for the three months ended May 3, 2008 and May 5, 2007, as well as pro forma results of operations for the three months ended May 5, 2007.

Since the acquisition of After Hours occurred on April 9, 2007, the inclusion of its off-season operations as if the acquisition had occurred prior to the beginning of the 2007 first quarter reduces that quarter's diluted earnings per share from $0.75 on a GAAP basis to $0.59 on a pro forma basis and allows for a comparison of the first quarter results on a comparable operations basis.

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